IEIM402260 | Reportable Information: Other Accounts

Reportable Information: Other Accounts

In addition to the general reporting requirements [see IEIM402000], in the case of any account other than a Depository Account [see IEIM402240] or a Custodial Account [see IEIM402200] the information to be reported for each reporting period [see IEIM400520 for FATCA and IEIM400580 for CRS] is the total gross amount of income paid or credited to the Account Holder [see IEIM403300] in the reporting period with respect to which the Reporting Financial Institution [see IEIM402100] is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the reporting period.

For Cash Value Insurance Contracts this will include any part surrenders taken throughout the policy year.

For a purchased life annuity it will include any amounts paid or credited to the policy holder.

Where a deferred annuity is not converted into a purchased life annuity at the end of the accumulation phase and the Account Holder takes the surrender value of the contract instead, the amount paid as the surrender value is the amount to be reported.