Hello @SusanY1
I am sorry to bother you again. I just saw that in your example, it is "Amounts Attributable to Other Foreign Financial Assets" and enter the "Other Income". The income is from foreign life insurance. I thought they are "Foreign Financial Accounts". Is that Correct? Should it the income in the category of "Amounts Attributable to Foreign Financial Accounts"?
Would there be a difference for paying tax if I enter the value in "Amounts Attributable to Foreign Financial Accounts" and "Amounts Attributable to Other Foreign Financial Assets"? Does it depend on whether my foreign insurance policy is considered as a "cash value life insurance"?
Thank you very much.
I read the description for foreign financial accounts as:
A Foreign Financial Account includes:
- Any depository, custodial or securities account (bank account, savings account, mutual funds, etc.) maintained by a foreign financial institution
- Any equity or debt interest in a foreign financial institution (other than interested that are regularly traded on an established securities market)
- Any cash value life insurance or annuity contract maintained by an insurance company or other foreign financial institution
- This includes a financial account maintained by a financial institution that is organized under the laws of a U.S. possession (American Samoa, Guam, the Northern Mariana Islands, Puerto Ricco, or the U.S. Virgin Islands
Best regards,
Renee
