As title. I don't quite understand the difference between Foreign Financial Accounts and Other Foreign Financial Assets.
Last year I filed my life insurances and a foreign IRA as Other Foreign Financial Assets. It seems wrong? Although it didn't affect my final tax amount, do I need to amend the last year's filing?
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@chang1 , while this is probably not a tax event, I would be very interested in understanding the situation and as much as I can . Please can you tell me --- what visa status ( citizen/ GreenCard/ Resident for Tax purposes ), family status, country of origin & where you presumably have pension account, etc. etc. If you are uncomfortable in putting details here , you are welcome to PM me with the details ( just no Personally Identifiable information please ).
pk
Hi @pk,
Thanks for getting back to me. I'm married and both my spouse and I are US permanent residents.
Are the categories of my accounts/assets dependent on my nationality?
Chang
@chang1 , quote from instructions of form 8938:
" Interests in Foreign Pension Plans and Foreign Deferred Compensation Plans
Report in Part VI your interest in the foreign pension plan or foreign deferred compensation plan. Do not separately report the assets held by the plan. See Valuing Interests in Foreign Estates, Foreign Pension Plans, and Foreign Deferred Compensation Plans, later. "
Hopefully this answers your question. If you need more on this , please add to this post ( or PM me ).
pk
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