Hi PK, TY for your detailed and direct response. It is best so far, I have found online anywhere.
First, I always do my own taxes using TTax. But this topic looks complicated.
1-Is Ttax smart and well programmed enough to guide me thru to do it on my own for year 2024 or should I seek a good tax accountant? I don't want to make any mistakes that IRS later would come back to haunt me:)
2- For your question in answer#6- I have already opened this policy in April 2024 and paid one year premium. Next premium is due in April 2025. So I guess the contract is signed already.
3- Just to clarify- The policy is for my wife (we file jointly) and I am the policy holder and pay the premium. So is there different tax filing requirement due to this new item on our taxes OR no change there?
4- Bajaj being an Indian company, does not provide any tax documents at the end of the year except for Premium Paid statement. if you know, what individual pieces of policy information do I need to collect for my tax reporting? I do have an entire policy document they have provided me and also, I have an online account where I can check policy/investment amounts on a daily basis. Can I find all the info that you mentioned on my policy?
5- Not sure if it relates- but I have other accounts in India that I report on FBAR filing every year. I suppose, this new policy would be added there now.
6- Any further info to assist me in this is greatly appreciated. Thanks in advance.
