below are my answers
(a) you a US citizen/GreenCard/ Resident for tax purposes, residing in the USA with a spouse whom is similar status ;: I am US citizen living abroad and bought life insurance abroad for myself. My spouse is US citizen living in US.
(b) you have and also plan to file a joint return with your said spouse; Yes, we are planning to file married jointly
(c) you have been paying into a foreign life insurance ( whole life ) for the last two years-- 2018 and 2019 or 2019 and 2020.Yes, I've been paying a foreign life insurance with my foreign income. 2019 2020.
(d) Now you would like to declare/recognize all these payments to a foreign entity such that when you liquidate the contract ( whole life insurance ) , you would like to reduce your tax exposure. I am not sure what this question mean.
(e) we should dis-regard all references to Federal Excise Tax form your earlier post. OK
Is that about the situation -- please answer -- I will come back and close the loop
My questions are
1, do I need to file 8938? My understand is NO, because my total offshore asset value didn't not exceed 8938 threshold of $400,000, is my understand right?
2, Do I need to file 8621? 8621 threshold is $25000, does this mean the distribution I get? I haven't got any distributions yet, it's just money grows in my account.
3, DO I need to file 3520? I am confused about this form, because 3520 refers to foreign transaction, does this transaction mean premium I paid or cash value I have in my account or distribution I get?
4, 720 supposed to be paid quarterly, do I just divide my annual premium by 4 to file?
