Form 3520 required for NPS investment?

[ap5494]

Hi,

I am new to US and started filing taxes here since 2023. I have invested some amount in NPS scheme in 2024 but haven't received or gained anything on it. Do I need to file for form 3520? If yes, please help in filling this form with necessary sections or helpful links as I am new to this.

[pk]

@ap5494 , 

(a) Are you a US person ( citizen/GreenCard/Resident for Tax Purposes ) ?

(b) if not a citizen of US , you are from which country ?

(c) By NPS do you mean something like a National Pension Scheme or what ?   And of which country ?  Is it one of those  market linked schemes or what ?

(d) did you receive a distribution from this  scheme --- why the question of 3520 ?

I will circle back once I hear from you --yes ?

[ap5494]

A) I am working in US under L1B visa

b) I am from India

c) yes NPS is national pension scheme that is a voluntary pension scheme under which I have invested some money

d) I haven’t received any money. I have just invest some amount as I did annually back when I was in India. One cannot receive money out of that account until the age of 60.

The rest of my taxes are filed by Deloitte as I am an expat here but they said foreign trusts (NPS) don’t come under their scope so I’ll have file the form 3520 myself. Hence the question.

[pk]

@ap5494 , Namaste ji

TurboTax does not support form 3520 --- not included that is.     Down load the form and instruction  at  www.irs.gov --->    Form 3520 (Rev. December 2023)  

and   Instructions for Form 3520 (Rev. December 2023)

Note the filing address shown on page  2 of the instructions for the form3520.

If you are filing a form 8938  ( FATCA form ) along with your tax return,  there is a line to denote that you are filing a form 3520.

From reading about  the regulatory oversight on the  NPS scheme , it appears not to be a PFIC and more like a Social Security type of scheme.

Is there more I can do for you ?

Namaste ji

pk