Have a Tax Question? Ask a Tax Expert
Hello, You will have to fill out an IRS form TDF 90-22.1 to report the foreign aunnuity account to the IRS.
you will find the form and instructions using this link:http://www.irs.gov/pub/irs-pdf/f90221.pdf
Hi, Thanks for the prompt response on a Saturday night...
If there is no account do I have to still report?
IE: The annuity matured and I received a lump sum - end of story.
IRS rules states that US Citizen or resident must report all worldwide income on their tax return.
I will happily report...just trying to zero in on the exact requirement.
Is this classed as income since it was not earned?
you may report the money earned on the annuity, not the amount you contributed.
yes it will still be considered as income on your tax return.
Since I arrived in the U.S. I did not contribute...this was a paid up annuity just accruing until it reached maturity.
OK then which section on my tax form should it go into?
this will be reported on your 1040 line 16B
You have helped me more than anyone else...thank you very much. I will gladly approve the payment.
thank you for using Just Answer!
If you have no more related good advice I will say goonight and have a nice weekend ahead.
Have a great weekend. Good Night