TurboTax doesn't support form 8621 or its calculations, though it can be manually completed and attached to our returns for paper filing. Any tax due from the form would need to be manually added to the return as well.
Since the form isn't supported in our program, TurboTax Full Service experts cannot assist with this form.
In some cases, foreign life insurance policies can require reporting on Form 8621. Whether or not they will require this form depends on whether or not they have an investment component. For example, Prudential and ICICI in India, for example, each have some policies to which this applies and some that do not. While not always true, the policies with taxable components often have the title "Expat Life Insurance."
Foreign life insurance policies can also trigger requirements to file Forms 8938, FinCen 114 ("FBAR"), Form 720 (excise tax), and Form 3520-A. Of these, only form 8398 is supported directly in the TurboTax program. Please note that this is just a list of potential forms that could be required, and they may not all apply in your case.
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