New FATCA Reporting Rules May Hit Visitors’ U.S. Annuities
April 5, 2022 by Allison Bell
A proposed asset-tracking rule could affect international visitors in the United States who own U.S. life insurance policies or U.S. annuities.
The Biden administration wants to require U.S. financial institutions to send the IRS account balance information for any accounts maintained by “foreign persons.”
The account balance total would have to include the cash value of the foreign persons’ life insurance policies and the surrender value of their annuities.
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Originally Posted at ThinkAdvisor on March 30, 2022 by Allison Bell.
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