West Palm Beach Florida Form 3520-A 2023-2025

West Palm Beach Florida Form 3520-A: What You Should Know

The Family Trust Form 3520-D — The End of the Line For Family Trust Gifts Dec 8, 2025 — The Family Trust returns and dies. The death of the trust creates two taxable estates: an ordinary return and a special return. What Is The Special Return, And How Do I File It? The special return is tax-free if the estate's assets are more than the annual 5 million test thresholds. However, if the assets are less than the test threshold, the trust is tax-free if the estate contains no taxable estate assets and one income source (generally the gross receipts from the trust's real estate investment). In cases where the trust has taxable estate assets, its trust income is subject to the standard rate of 15.5%, and its taxable income is subject to the ordinary tax rate of 35%. Who Does Form 3520 Apply To? The form applies to a U.S. person who has a direct or indirect interest in a U.S. estate of someone who died and was a U.S. taxpayer. The estate of a deceased “covered person,” i.e. the spouse or former spouse of a deceased “covered person” will meet this test if the decedent had any interest held at any time in a partnership, professional corporation, limited liability company, S Corporation, or other entity of the same type through which the covered person received income. To know if, or how much, an individual will be taxed and an estate's maximum inheritance tax, the individual must file Form 8938, the Taxpayer and Beneficiary Notification of the Estate or the Individual's Certificate of Death. Note: Form 8938 is not for estate planning purposes. The following is an incomplete list of items that must be included on Form 8938 — The name, address, and Social Security, Medicare, and student loan number of each taxpayer or beneficiary, if known. Whether the taxpayer or beneficiary was married at the time of death. Whether the individual is alive or dead at the time of filing. (Note: In rare circumstances, individuals who died prior to January 1, 2017, could also use the Notice of Death. The Notice of Death also has a special provision regarding estate taxes.) If the individual is not alive or dead at the time of filing, the notice must include all the following: The date and manner of the death. A description of the decedent's death.

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