foreign life insurance required forms

[zymxhjjtm197227]

Hi I have foreign life insurance since 2017,  I am paying premium and have very little cash value. I have following questions

1, I didn't file720 because I didn't know I need to. how can I catch up previous years exercise TAX?

2, My combined foreign asset is less than $300,000 for married file jointly, so I don't need to file 8938, right?

3, Do I need to file form 8621?

4, Do I need to file 3520?

thanks

[pk]

@zymxhjjtm197227 ,  This is  kind of duplicate of another post you put up about form 720, I think.   However, I also think I now understand what you are trying to do ---

(a) you a US citizen/GreenCard/ Resident for tax purposes, residing  in the USA with a spouse  whom is similar status ;

(b) you  have and  also plan to file  a joint return with your said spouse;

(c) you have been paying into a foreign life insurance ( whole life ) for the last two years-- 2018 and 2019 or 2019 and 2020.

(d) Now you would like to  declare/recognize all these  payments to a foreign entity such that  when  you liquidate the  contract ( whole life insurance ) ,  you would like to  reduce your tax exposure.

(e)  we should dis-regard all references to Federal Excise Tax  form your earlier post.

Is that about the situation -- please answer -- I will come  back and close the loop

[zymxhjjtm197227]

below are my answers

(a) you a US citizen/GreenCard/ Resident for tax purposes, residing  in the USA with a spouse  whom is similar status ;: I am US citizen living abroad and bought life insurance abroad for myself. My spouse is US citizen living in US. 

(b) you  have and  also plan to file  a joint return with your said spouse; Yes, we are planning to file married jointly

(c) you have been paying into a foreign life insurance ( whole life ) for the last two years-- 2018 and 2019 or 2019 and 2020.Yes, I've been paying a foreign life insurance with my foreign income. 2019 2020.

(d) Now you would like to  declare/recognize all these  payments to a foreign entity such that  when  you liquidate the  contract ( whole life insurance ) ,  you would like to  reduce your tax exposure. I am not sure what this question mean. 

(e)  we should dis-regard all references to Federal Excise Tax  form your earlier post. OK

Is that about the situation -- please answer -- I will come  back and close the loop

My questions are

1, do I need to file 8938? My understand is NO, because my total offshore asset value didn't not exceed 8938 threshold of $400,000, is my understand right?

2, Do I need to file 8621?  8621 threshold is $25000, does this mean the distribution I get? I haven't got any distributions yet, it's just money grows in my account. 

3, DO I need to file 3520? I am confused about this form, because 3520 refers to foreign transaction, does this transaction mean premium I paid or cash value I have in my account or distribution I get? 

4, 720 supposed to be paid quarterly, do I just divide my annual premium by 4 to file?