My Life Insurance policy in India matured last year and received maturity amount in India. Do I need to report this in my US tax return? is this taxable income?
My Life Insurance policy in India matured last year and received maturity amount in India. Do I need to report this in my US tax return? is this taxable income?
Yes, if you are a U.S. citizen or resident alien, you must report worldwide income on your U.S. tax return. You can use the foreign tax credit so that the income is not double-taxed. See Claiming the Foreign Tax Credit with Form 1116 - TurboTax.
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