$ -£ exchange rate

Old Aug 24th 2019, 2:42 pm
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Default Re: $ -£ exchange rate

Originally Posted by Albert_dock View Post


So if I have read this right, after you have filed your US returns, you pay zero taxes in the US, only in the UK?
Correct. But the extra taxes are way below what we were paying in health insurance premiums alone. That is not counting the 2 cataract surgeries my wife has had, the 3 suspicious skin lesions/moles I had removed or the heart surgery plus many appointments which would have exhausted my deductible and hit the annual max out of expenses for 2 years in a row. Plus we get free prescriptions and eye tests, being over 60.
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Old Aug 24th 2019, 3:30 pm
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Default Re: $ -£ exchange rate

Originally Posted by durham_lad View Post

Correct. But the extra taxes are way below what we were paying in health insurance premiums alone. That is not counting the 2 cataract surgeries my wife has had, the 3 suspicious skin lesions/moles I had removed or the heart surgery plus many appointments which would have exhausted my deductible and hit the annual max out of expenses for 2 years in a row. Plus we get free prescriptions and eye tests, being over 60.
Sounds like you guys made the right decision, for sure! The tax issue is probably the only thing that I am overwhelmed and worried about. I’m sure any pre-tax savings in the US we have will not be exempted from US tax no matter what? I’d just like to know what my net income would be in the UK after all the taxes are payed. I’m probably going to have to talk to an appropriate tax advisor to figure that out. Thanks for your responses. Have a nice Bank Holiday Weekend! It looks like it’s going to be a nice one. :-)
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Old Aug 25th 2019, 2:58 am
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Default Re: $ -£ exchange rate

Slightly off topic, but does this mean there is little benefit to having a ROTH account if it's my intention to retire in the UK?
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Old Aug 25th 2019, 7:57 am
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Default Re: $ -£ exchange rate

Originally Posted by mrken30 View Post
Slightly off topic, but does this mean there is little benefit to having a ROTH account if it's my intention to retire in the UK?
Roths are tax free in the UK which is why it is worth converting if you are going to be in the 40% bracket by the the time RMDs will force IRA withdrawals. I have no IRA money, it is all in a Roth.

Last edited by durham_lad; Aug 25th 2019 at 8:00 am.
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