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Get your taxes done using TurboTax
Nalin ji Namaste
Recognizing that the result of recognizing an insurance company as a PFIC means (a) the income from this is ordinary and (b) the life benefits are taxable, the following items at least will need to be retained for filing when the contract is terminated :
(a) yearly amounts of contribution in US$ ( can use yearly average exchange rate published by the US Treasury ) ;
( b) yearly valuation of the account ( either share price or whatever the insurance entity provides ) again in US$
(c) any distributions must be recognized as either interest / dividend earnings and taxed ( even if it is re-invested )
(d) when the final distribution or payout occurs ( for any reason ), you must recognize the taxable portion ( return amount LESS total contribution ) as ordinary income per PFIC rules.
This is what comes to mind and is intended only as a directional attempt.
Is there more I can do for you ?
Namaste ji
pk