Skip to content 
Received Foreign Trust Money Without Filing Form 3520? Here’s How Streamlined Filing May Help
If you received money or property from a foreign trust and did not file Form 3520, the IRS penalty is the greater of $10,000 or 35% of the gross value of what you received. For a $120,000 trust distribution, that is $42,000. The IRS Streamlined Filing Compliance Procedures offer a legal path to resolve this,