r2i forum

Hey all,
I have never done this, but i need to report the following on my 1040 form:
1) Income earned as dividends from Indian Mutual Funds?
2) Also, I had to surrender 2 policies from HDFC SLIC ( Unit Linked Pension Plan and Savings Assurance Plan). Of these 2 policies:
a) The Unit Linked Pension Policy surrender value, was in excess, of the Total Premium Paid, since start
b) The Savings Assurance Plan surrender value, was less, than the Total Premium Paid, since start.

If any one of you folks can please guide me, i would really appreciate it.

Much Thanks!

Gaganba;383206Hey all,
I have never done this, but i need to report the following on my 1040 form:
1) Income earned as dividends from Indian Mutual Funds?
2) Also, I had to surrender 2 policies from HDFC SLIC ( Unit Linked Pension Plan and Savings Assurance Plan). Of these 2 policies:
a) The Unit Linked Pension Policy surrender value, was in excess, of the Total Premium Paid, since start
b) The Savings Assurance Plan surrender value, was less, than the Total Premium Paid, since start.

If any one of you folks can please guide me, i would really appreciate it.

Much Thanks!

The calculations for correctly reporting these are very very time consuming, cumbersome. The process is very tedious. These are considered dividends from PFIC.

See IRS form 8621 and instructions. Also see http://www.grantthornton.com/staticfiles/GTCom/files/Industries/FSandFI/FS/TaxCompliance_OffshoreHFpdf.pdf

And search this forum for PFIC.

Your scenario is not a last minute query but rather something that requires a fair amount of knowledge of specfic and an arcane area of tax code, which most tax professionals have very limited knowledge of.

BTW, why does this need a new thread?