US taxation of foreign annuities: How it works

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Is your foreign annuity fixed or variable? This is an important question as the tax treatments of each are usually completely different.

Foreign variable annuities are usually only taxed at distribution, so it allows deferral of some taxes. However, with foreign fixed annuities they are usually taxed on their accrued earnings each year, even though those earnings are distributed.

Foreign annuities are also foreign financial assets that are reportable on the FBAR form and FATCA From 8938, if required.

Full article: https://www.irsmedic.com/2016/03/02/us-taxation-of-foreign-variable-annuities/

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