Foreign Financial Interest Insurance Form

It actually doesn t meet their definition for foreign life insurance so they re going to call it an investment that may require form 8621 pfic.

Foreign financial interest insurance form. You also might have a form 720 quarterly excise tax due on the premium even though the irs said it wasn t foreign insurance. Current revision form 8938 pdf. It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply. Form 8938 statement of specified foreign financial assets will be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts.

The united states person should not complete part ii or part iii of the. Report of foreign bank and financial accounts fbar. Generally an interest in a foreign estate is a specified foreign financial asset that is reportable on form 8938 if the total value of all of your specified foreign financial assets is greater than the reporting threshold that applies to you. Use form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.