Hi,
I am a US Resident & doing tax returns as "married filing jointly". I have taken ICICI Pru Elite Life II plan ( ULIP) in Dec 2014 and the policy matured in 2024. I paid the premium amount using after-tax money.
I received the matured amount in Dec 2024. I will be filling FBAR to declare this amount.
I am filing taxes on my own using Turbotax & H&R Block for a while and i don't find any forms to enter this type of income.
I would like to know :
1. How can I report this money during tax filing ? Is it considered as investment or income?
2. How to calculate the gains I received ?
3. what forms need to be filled to report this money?
3. As per maturity statement "Tax deducted at source" is showing as 0. Do I need to wait to know whether there are any taxes to be paid in India and use that money for Foreign tax credits?
Please suggest. Thank you in advance.
