r2i forum

Dear FB2020, Any individual can accept a gift up to the federal gift tax exclusion amount, which is $14,000 per year on or after January 1, 2015, without the giver incurring a tax penalty or having to report the gift (the exclusion amount remains $14,000 for the 2016 tax year). Further, gift givers ...

Dear Hyd094, As India and USA both have different tax years, Option two will be better. Indian Incomes and Taxes paid in India will be calculated for January 2015 to December 2015 and that Income should be reported in US Tax Return. And further, due to applicability of FATCA Laws, It is better to ...

Dear Rajani11,

I don't think so. My opinion is to report premiums paid till year end.

Thanks,
pus

Dear Rajani11,

Yes. Premium paid till year end will be considered.

Thanks,
pus

Dear Rajani11,

Maximum amount of insurance policy will depend your policy details. If your policy is unit linked then market value of the units will be considered for maximum balance if not then premium paid upto the end of the year will be considered for maximum value.

Thanks,
pus