Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
V
veronikafannon
May 26, 2022
Question

I live in the US, have a pension in the UK and a life insurance policy in Germany. I have not received any income from both. Do I have to report those?

  • May 26, 2022
  • 1 reply
  • 0 views
No text available

1 reply

O
Opus 17
Employee
May 26, 2022

Owning an asset is not taxable, only if that asset generates income (dividends, pension payments, etc.)

 

In some cases, you must report ownership of financial assets like bank accounts on a report called "FBAR" even if no tax is owed, but pensions and life insurance policies appear to be exempt from this rule as well.

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification