I'm a U.S. citizen living in Canada and filing 3520a/3520 for the first time for my dual-citizen hubby's TFSA and RESP. I'm concerned that the 3520a is apparently due by March 15. Does that March 15 deadline also apply to those living outside the U.S., or do we have an automatic extension (like we do for our 1040)? If it does apply, I'm planning to send in a form 7004 to buy me some more time to figure things out. I'd love to know:
1. Do I need a separate 7004 form mailed in for each delayed 3520a, even though they look identical?
2. Do I check the box that it qualifies under section 1.6081-5?
3. I'm surprised I don't seem to need an EIN yet, as I believe I check box 2, not 3, right?
Thanks so much for your help!
Advice re: form 7004
Moderator: Mark T Serbinski CA CPA
3520 is due at the same time as your income tax return, so 7004 doesn't apply to it.
3520-A is due on 3/15, 7004 wil extend this as per the instructions.
"Blanket" 7004's are not permitted, so one per trust.
That's all I have.
3520-A is due on 3/15, 7004 wil extend this as per the instructions.
"Blanket" 7004's are not permitted, so one per trust.
That's all I have.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
I am not really sure, but isn't the 3520-A required to be filed by the trustee and isn't the bank the trustee? Wouldn't this mean that the bank would need to file the 7004? If the bank is not involved in the filing of the 3520-A, I would expected that a "best of your ability" 3520-A would be attached to the 3520? Since this would not be an actual tax return (i.e., it would not be signed), I wouldn't expect that an extension would be necessary.
Nelsona, thanks for your thoughts.
Testone, I wondered the very same thing. But, since I really don't know, I'm tempted to send off the 7004 forms tomorrow just in case. It can't hurt, right? But, I'll likely still just attach the 3520a to the 3520 as opposed to getting it there sooner.
Would either of you suggest attaching a cover letter to each of the 7004s explaining the situation--that we were unable to obtain 3520a from our bank, but that we will include a "best of our ability" one with our tax forms?
Testone, I wondered the very same thing. But, since I really don't know, I'm tempted to send off the 7004 forms tomorrow just in case. It can't hurt, right? But, I'll likely still just attach the 3520a to the 3520 as opposed to getting it there sooner.
Would either of you suggest attaching a cover letter to each of the 7004s explaining the situation--that we were unable to obtain 3520a from our bank, but that we will include a "best of our ability" one with our tax forms?