In need of recommendation of international tax person
Jul 10th 2015, 4:11 pm
#1
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In need of recommendation of international tax person
Howdy Y'all
Not sure how many of you on here will remember me, it's been a while and a lot has happened.
Namely, I've got divorced and now my ex and I are trying to work out the best way to get some of his UK private pension money over to me where in the US without either of us having to pay too much tax etc.
He's been told that this is a long process...
Anyone recommend a tax professional who has dealt with this sort of thing before?
Thanks :-)
Not sure how many of you on here will remember me, it's been a while and a lot has happened.
Namely, I've got divorced and now my ex and I are trying to work out the best way to get some of his UK private pension money over to me where in the US without either of us having to pay too much tax etc.
He's been told that this is a long process...
Anyone recommend a tax professional who has dealt with this sort of thing before?
Thanks :-)
Jul 10th 2015, 4:17 pm
#2
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: In need of recommendation of international tax person
If you can get money out of a UK pension account there is going to be income tax due. Full stop. Typically in divorce cases where a pension account is split, the account manager is notified and the pension fund is split into two parts with a new account for (usually) the ex-wife, the funds staying with the existing pension company. ..... In any case it is effectively impossible to transfer UK pension funds into a pension/IRA/401k account in the US.
You can hire accountant to tell you the above, but not to do anything different from what I have outlined above.
You can hire accountant to tell you the above, but not to do anything different from what I have outlined above.
Last edited by Pulaski; Jul 10th 2015 at 5:25 pm.
Jul 10th 2015, 5:18 pm
#3
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Joined: Dec 2005
Posts: 88,023
Re: In need of recommendation of international tax person
Howdy Y'all
Not sure how many of you on here will remember me, it's been a while and a lot has happened.
Namely, I've got divorced and now my ex and I are trying to work out the best way to get some of his UK private pension money over to me where in the US without either of us having to pay too much tax etc.
He's been told that this is a long process...
Anyone recommend a tax professional who has dealt with this sort of thing before?
Thanks :-)
Not sure how many of you on here will remember me, it's been a while and a lot has happened.
Namely, I've got divorced and now my ex and I are trying to work out the best way to get some of his UK private pension money over to me where in the US without either of us having to pay too much tax etc.
He's been told that this is a long process...
Anyone recommend a tax professional who has dealt with this sort of thing before?
Thanks :-)
Jul 10th 2015, 7:22 pm
#4
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Location: "LA LA Land"
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Re: In need of recommendation of international tax person
Since you indicate that:
1) you're already divorced
2) the payment(s) you and your ex are now trying to structure aren't already stipulated in your settlement decree
...... it strikes me that the IRS would categorize them as gifts.
If that's the case, payments that don't exceed the IRS annual exclusion amount - will not be taxable for you.
The annual exclusion amount for 'gifts' received in 2014-2015 is $14,000.
You don't indicate where your ex is now resident...so couldn't guess as to tax implications for him.
...sorry your marriage didn't work out but at least things are amicable between you.
That alone is worth a ton of $$$$$$$$'s
Jul 11th 2015, 10:20 am
#5
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Re: In need of recommendation of international tax person
If you can get money out of a UK pension account there is going to be income tax due. Full stop. Typically in divorce cases where a pension account is split, the account manager is notified and the pension fund is split into two parts with a new account for (usually) the ex-wife, the funds staying with the existing pension company. ..... In any case it is effectively impossible to transfer UK pension funds into a pension/IRA/401k account in the US.
You can hire accountant to tell you the above, but not to do anything different from what I have outlined above.
You can hire accountant to tell you the above, but not to do anything different from what I have outlined above.
I don't intend on returning to the UK and my ex is a dual citizen residing in the USA also. Basically we'd both like to get the money out and bring it over here....we'll just have to bite the tax bullet!
Jul 11th 2015, 10:21 am
#6
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