My wife, myself and my kids were gifted some money from my wife's uncle in Australia. The money was wired to 3 different savings accounts. Mine and each of my daughters UTMA savings accounts.. My wife and I received 60K and my kids received about 22K each. Im not sure if I need to file this form 3520. My wife and I didn?t receive a gift over 100K, but the total of all monies is about 104K. ==========>then you need to file f3520 due on the date that your income tax return is due;as you received Gifts / bequests valued at more than $100k from a nonresident alien individual, f3520 is needed to be filed ; You need to aggregate gifts received from an alien. Say,, if you receive $7k from nonresident alien A and $40k from nonresident alien B, then, you must report the gifts because the total is more than $100k. you need to report them in Part IV of Form 3520.
\My understanding with the UTMA accounts, the money will be reported to the IRS using my kids tax IDs and not mine. Therefore I should not have to file the 3520. becuase I was only gifted 60K. Correct?===correct. As form 709, form 3520 is each recipient basis. I guess it depends; TheUTMA allows the donor of the gift to transfer title to a custodian who will manage and invest the property until the minor reaches a certain age, generally 21, but is different in some states ,usually 18.