Question about distribution on Part III of 3520

CdnAmerican · Post by **CdnAmerican** » Wed Feb 07, 2018 9:49 pm

If you have a withdrawal from a TFSA or RESP, I assume that is what the IRS calls a "distribution" on the 3520. This year, on my TFSA, I withdrew US$8 solely to see what would happen when I make larger withdrawals.

In Part III of the 3520, #24, I put in the amount of the cash withdrawal ($8) in column c and e. This means that column f is zero, of course.

I answer No on #25, as there is no loan associated.

On #27, the calculation for total distributions received is zero.

This doesn't make sense; it would seem that the total distribution should be $8. Have I done something wrong? The only thing I can think of is that 24(e) should be zero, as that would make the calculation work, but it doesn't seem to match the description of that column.

Thanks!

testone · Post by **testone** » Sat Feb 10, 2018 4:44 pm

There should be nothing in column e because you did not transfer anything to the trust.

CdnAmerican · Post by **CdnAmerican** » Sun Feb 18, 2018 1:49 pm

Thanks testone - that makes sense. I was just overthinking it!

CdnAmerican · Post by **CdnAmerican** » Sun Feb 18, 2018 2:05 pm

Thanks testone - that makes sense. I was just overthinking it!