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Question

Form 3520 required for NPS investment?

Forum|Forum|11 months ago
April 14, 2025
1 reply
0 views

Hi,

I am new to US and started filing taxes here since 2023. I have invested some amount in NPS scheme in 2024 but haven't received or gained anything on it. Do I need to file for form 3520? If yes, please help in filling this form with necessary sections or helpful links as I am new to this.

Employee

(a) Are you a US person ( citizen/GreenCard/Resident for Tax Purposes ) ?

(b) if not a citizen of US , you are from which country ?

(c) By NPS do you mean something like a National Pension Scheme or what ? And of which country ? Is it one of those market linked schemes or what ?

(d) did you receive a distribution from this scheme --- why the question of 3520 ?

I will circle back once I hear from you --yes ?

ap5494Author

A) I am working in US under L1B visa

b) I am from India

c) yes NPS is national pension scheme that is a voluntary pension scheme under which I have invested some money

d) I haven’t received any money. I have just invest some amount as I did annually back when I was in India. One cannot receive money out of that account until the age of 60.

The rest of my taxes are filed by Deloitte as I am an expat here but they said foreign trusts (NPS) don’t come under their scope so I’ll have file the form 3520 myself. Hence the question.

Employee

@ap5494 , Namaste ji

TurboTax does not support form 3520 --- not included that is. Down load the form and instruction at www.irs.gov ---> Form 3520 (Rev. December 2023)

and Instructions for Form 3520 (Rev. December 2023)

Note the filing address shown on page 2 of the instructions for the form3520.

If you are filing a form 8938 ( FATCA form ) along with your tax return, there is a line to denote that you are filing a form 3520.

From reading about the regulatory oversight on the NPS scheme , it appears not to be a PFIC and more like a Social Security type of scheme.

Is there more I can do for you ?

Namaste ji

pk