NS&I direct saver

[Alicecatto 0]

Is the NS&I direct saver account problematic for PFIC regulations in the US.  I am a dual US/UK citizen.  I know premium bonds are OK.  Thank you.

[Tesco 71]

2 hours ago, Alicecatto said:

Is the NS&I direct saver account problematic for PFIC regulations in the US.  I am a dual US/UK citizen.  I know premium bonds are OK.  Thank you.

It’s just like a regular interest account. Report on Schedule B also FinCEN114 & 8938 if threshold specify. Depending on your accountancy method, you may import via a 1099-int substitute.

[Alicecatto 0]

Thank you so much TESCO.  I’ve been trying to get this query answered for some time, and this is really helpful. 

[JeanneAdil 6,608]

A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they:

• Receive certain direct or indirect distributions from a PFIC.
• Recognize a gain on a direct or indirect disposition of PFIC stock.
• Are reporting information with respect to a QEF or section 1296 mark-to-market election.
• Are making an election reportable in Part II of the form.
• Are required to file an annual report pursuant to section 1298(f

[Alicecatto 0]

Ok, well this type of account is not those things, but it is good to get the rules and regulations.  Thank you!