form 720

Forum|Forum|4 years ago
October 27, 2021
1 reply
0 views

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

pk_

Level 15

@zympp , 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 ?

zymppAuthor

Level 4

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.

Critter-3

Level 15

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.