topic Re: form 720 in Get your taxes done using TurboTax

form 720

zymxhjjtm197227 — Wed, 27 Oct 2021 19:43:35 GMT

Hi I pay foreign life insurance premium annually, but need to file form 720 quarterly, do I just divide annual premium by 4 to file quarterly? thanks

Re: form 720

pk — Thu, 28 Oct 2021 02:22:10 GMT

@zymxhjjtm197227 , please enlighten me here -- I am lost . What has the federal excise tax form 720 got to do with paying foreign insurance premium -- I must be missing something here . Please can you explain what you are asking about ?

Re: form 720

zymxhjjtm197227 — Thu, 28 Oct 2021 12:59:20 GMT

I need to file 720 because I pay foreign life insurance premium. but the premium is annually paid but form720 is quarterly file, so I don't know how to do it.

Re: form 720

Critter-3 — Thu, 28 Oct 2021 13:35:31 GMT

I agree ... the form 720 is to pay the excise taxes you collected ... https://www.irs.gov/instructions/i720

You must file Form 720 if:

You were liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for a prior quarter and you haven’t filed a final return; or
You are liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for the current quarter.

Re: form 720

zymxhjjtm197227 — Thu, 28 Oct 2021 16:39:08 GMT

Hi Critter 3,

yes. but I pay premium annually, how to file form 720 quarterly? do I just divide premium by 4 to get quarterly?

Re: form 720

Carl — Thu, 28 Oct 2021 19:56:01 GMT

What do life insurance premiums that you pay, have to do with any excise tax that you collect? Do you even collect taxes of any kind in any way, shape, form or fashion? If you do not collect any tax monies, then why do you need to file IRS Form 720? IRS Form 720 has nothing what-so-ever to do with life insurance.

Re: form 720

Carl — Fri, 29 Oct 2021 01:43:35 GMT

Hey @Critter-3 Just ran across something at https://www.goldinglawyers.com/u-s-taxation-of-foreign-life-insurance-policies-fundamental-of-u-s-tax-basics/ related to foreign life insurance and the form 720. I note it says one "MAY" be required to report on the 720. Hopefully, you can make more sense of it than I can and get a definitive response for this thread.