Hello Tax Experts,
I would really appreciate your time and help with my tax situation.
- I have been paying Insurance Premiums (post-tax) for an Insurance Policy in India from 2005 onwards.
- After 20 years (starting this year), I have been received payments.
- I kind of paid around $20K towards premiums during the last 20 years.
- This year, I received around $1200 as Endowment payment. I think, I will be receiving such payments yearly for next 10 or 20 years.
- Just as an FYI - These payments are not taxable in India.
Questions:
- I assume I need to report this in my 2025 Tax return, where would I do that?
- Is the income taxable? If yes - how can I factor-in the payments I made so far.
Thank you so much.
Regards
CP
