ICICI prudential life insurance policy

Forum|Forum|2 years ago
March 31, 2024
1 reply
0 views

I have a foreign life insurance policy called ICICI prudential life insurance.

Each year i pay about $1882 as premium on it. It does not pay me back anything- just a usual policy to be used to get money at time of death.

what do i have to do with this in US taxes?

I have this since 2021. I have been filing taxes with a consultant of HR block except this year where i used TurboTax.

He did not mention anything that i have to do.

please let me know.

TurboTax Premier Online

Best answer by AmyC

i would appreciate a follow up on this

A life insurance policy is not reported on your taxes unless it has cash value and you are filing Form 8938. Many insurance policies have no cash value.

MinhT1

The cash value of your foreign life insurance policy is considered a foreign financial asset.

You'll need to file Form 8938 with your tax return if your total foreign financial assets exceed the thresholds specified on page 4 of this IRS document.

You'll also need to file a FBAR if your total foreign financial assets exceed $10,000 at anytime during the tax year. See this FinCen document.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"