krrish Posted March 31, 2019 Report Share Posted March 31, 2019 Taxes files chesetappudu regarding foreign income, LIC policies era report cheyyali? Do I need to mention the total amount paid under a particular policy? or do I need to calculate the cash surrender value? Please let me know asap. Quote Link to comment Share on other sites More sharing options...
krrish Posted March 31, 2019 Author Report Share Posted March 31, 2019 also, amount worth around $12,000 USD unto taxes file chesetappudu 1040 form lo foreign account grinch emi cheppakunda, direct FBAR file cheyyacha? I read somewhere that if u have more than 50,000 USD, u have to mention in the tax forms in addition to filing FBARs? Is this genuine information? Quote Link to comment Share on other sites More sharing options...
ekunadam_enkanna Posted March 31, 2019 Report Share Posted March 31, 2019 Surrender value, if all of your foreign accounts > $10k. Quote Link to comment Share on other sites More sharing options...
krrish Posted March 31, 2019 Author Report Share Posted March 31, 2019 how to calculate surrender value? my total premium paid is around 7K although I have fixed deposits worth 12K. Do I still need to report the LIC policy it in FBAR? Quote Link to comment Share on other sites More sharing options...
ekunadam_enkanna Posted March 31, 2019 Report Share Posted March 31, 2019 Lets assume that that LIC's surrender value is ~7k. Total financial assets in aggregate is 19k. File FBAR. You don't need to file 8938, since you haven't crossed $50K. Quote Link to comment Share on other sites More sharing options...
AlaElaAlaEla Posted March 31, 2019 Report Share Posted March 31, 2019 3 minutes ago, ekunadam_enkanna said: Lets assume that that LIC's surrender value is ~7k. Total financial assets in aggregate is 19k. File FBAR. You don't need to file 8938, since you haven't crossed $50K. FBAR lo we need to show just the money in savings, NRE account? or even property assets value ? Quote Link to comment Share on other sites More sharing options...
ekunadam_enkanna Posted March 31, 2019 Report Share Posted March 31, 2019 5 minutes ago, AlaElaAlaEla said: FBAR lo we need to show just the money in savings, NRE account? or even property assets value ? Only FINANCIAL assets. However, you need to report any interest income as income to IRS. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.