Hi PK, you had helped to explain the foreign life policy reporting to me last year. I need your help again. I have tried to get a good accountant, but no one is really knowledgeable about filing and reporting foreign life policy from India. I have to pay taxes this year to IRS so I only have until 4-15. So please help:
1- Do I need to file form 720 for excise tax(1% of premium? If yes, how do I do one payment for whole 2024? I have read that I needed to pay quarterly and file 720 quarterly, but it is too late for me and I never made any payments yet (total yearly payment may be like $120 which 1% of the premium)?
2-For form 8938- Do I have to file it? I do not have any dividend, interest, distribution or bonus etc. Bajaj Allianz is a no-participating policy. I do have two funds where premium was invested but value only grew internally by end of the year.
3- Is turbtax having these forms or I have to download them or there is an online filing I can do like I have to for FBAR 114 for my other bank account?
4- Can I file my taxes normally via Turbotax & any of the other forms separately online?
Thanks in advance.
