ICICI prudential life insurance policy

[ahk1]

Hi

I have a foreign life insurance policy called ICICI prudential life insurance.

Each year i pay about $1882 as premium on it. It does not pay me back anything- just a usual policy to be used to get money at time of death.

what do i have to do with this in US taxes?

I have this since 2021. I have been filing taxes with a consultant of HR block except this year where i used TurboTax.

He did not mention anything that i have to do.

please let me know.

[MinhT1]

The cash value of your foreign life insurance policy is considered a foreign financial asset.

You'll need to file Form 8938 with your tax return if your total foreign financial assets exceed the thresholds specified on page 4 of this IRS document.

You'll also need to file a FBAR if your total foreign financial assets exceed $10,000 at anytime during the tax year. See this FinCen document.

[ahk1]

Hi,

how can i find cash value?

i dont get any money out of it. It is a simple insurance that would pay my nominee a lumpsum money at the time of death.

i have to keep paying premiums for 7 years. That is pretty much about it.

[ahk1]

Hi

i would appreciate a follow up on this

[AmyC · Accepted solution]

A life insurance policy is not reported on your taxes unless it has cash value and you are filing Form 8938. Many insurance policies have no cash value.