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Search: Posts Made By: mickok
Showing results 1 to 25 of 77
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Forum: Moving back or to the UK
Dec 1st 2017, 7:53 pm
Replies: 27
Views: 11,039
Posted By mickok

Re: Lump Sum 401-k withdrawal

Thanks for this, I wasn't aware that we are losing the 90% rule. That's significant for me since all of my pensions are US pensions. As you say that's not part of the DTA, but the rule that lump sum...
Forum: Moving back or to the UK
Dec 1st 2017, 2:43 pm
Replies: 27
Views: 11,039
Posted By mickok

Re: Lump Sum 401-k withdrawal

Thanks, that's reassuring. The tax on a larger lump sum 401k withdrawal will be high in any event but the US tax would be considerably lower, and can be mitigated somewhat by a decent exchange rate...
Forum: Moving back or to the UK
Nov 30th 2017, 11:41 pm
Replies: 27
Views: 11,039
Posted By mickok

Re: Lump Sum 401-k withdrawal

No, I'm 64. I have a couple of good reasons to consider taking the lump sum, but I haven't decided yet.
Forum: Moving back or to the UK
Nov 30th 2017, 9:59 pm
Replies: 27
Views: 11,039
Posted By mickok

Lump Sum 401-k withdrawal

I am now UK resident and considering taking my entire 401-k (about $140k) as a lump sum. It's my understanding that if I withdraw the entire amount at once it will be taxable in the US rather than...
Forum: Moving back or to the UK
Mar 3rd 2017, 1:02 pm
Replies: 3
Views: 697
Posted By mickok

Re: Tax implications, transfering funds from, then to the UK

Thanks Editha,

It's a good point. I haven't found any clear answers, and I wouldn't even know how to identify the extent to which the same funds apply to both transfers, so I think you may be well...
Forum: Moving back or to the UK
Feb 28th 2017, 6:45 pm
Replies: 11
Views: 854
Posted By mickok

Re: Spouse with savings

I'm no expert but believe that if she is resident in the UK then she will be liable for UK taxes on savings and investments anywhere in the world while UK resident, and would want to investigate tax...
Forum: Moving back or to the UK
Feb 28th 2017, 5:59 pm
Replies: 3
Views: 697
Posted By mickok

Tax implications, transfering funds from, then to the UK

Not sure if anyone can help with this but here goes..

2013: I moved back to the UK after 35 years away, with my US wife, and bought a house, thinking it was a permanent return.
2015: Didn't work...
Forum: Moving back or to the UK
Mar 27th 2014, 12:57 pm
Replies: 32
Views: 4,297
Posted By mickok

Re: USA to UK being sentimental or a sensible choice

Just wishing you the best as you step forwards, it's all so very personal and yet it does help to get opinions and experiences. In case this helps at all, I agree with others that the simpler safer...
Forum: Moving back or to the UK
Mar 26th 2014, 8:05 am
Replies: 6
Views: 4,699
Posted By mickok

Re: IRS Extension: Form 2350 or 4868?

Thanks for that. It's important to consider FEIE and the Foreign Tax Credit, TurboTax makes it hard to compare strategies and if you do it's important to ensure that the 1116 forms are generated in...
Forum: Moving back or to the UK
Mar 25th 2014, 6:40 pm
Replies: 6
Views: 4,699
Posted By mickok

Re: IRS Extension: Form 2350 or 4868?

Yup, I understand, thanks very much for the confirmation.. I'm looking forward to the joys of my first year of dual tax filing! Not sure yet whether I'll end up handing this to an accountant but...
Forum: Moving back or to the UK
Mar 25th 2014, 5:25 pm
Replies: 6
Views: 4,699
Posted By mickok

Re: IRS Extension: Form 2350 or 4868?

I understand that I can't file until May to meet the physical presence test, and that I automatically have a two month extension, and I won't owe any taxes. I was just wanting to give myself a little...
Forum: Moving back or to the UK
Mar 25th 2014, 12:55 pm
Replies: 6
Views: 4,699
Posted By mickok

IRS Extension: Form 2350 or 4868?

Well I was trying to figure this out for myself but I'm still confused and perhaps a quick post on this will help others also. I'm a dual citizen (wife is USC) and moved back to the UK from the US...
Forum: Moving back or to the UK
Feb 15th 2014, 12:38 pm
Replies: 9
Views: 3,320
Posted By mickok

Re: US Foreign Tax Credit Question

Massachusetts has the right approach! Up until this year North Carolina taxed public pensions with just a $4000 exemption ($2000 exemption for private pensions) but beginning 2014 these exemptions...
Forum: Moving back or to the UK
Feb 14th 2014, 3:03 pm
Replies: 9
Views: 3,320
Posted By mickok

Re: US Foreign Tax Credit Question

Yup, the most challenging issue seems to be figuring out who to pay what proportion of our taxes to and what forms to complete! What fun. But .. based on your comments and everything else I've...
Forum: Moving back or to the UK
Feb 14th 2014, 1:21 pm
Replies: 9
Views: 3,320
Posted By mickok

Re: US Foreign Tax Credit Question

That's great information, thanks so much nun! It all fits my own understanding except I hadn't seen the link to the SS Totalization agreement which is very helpful. The college deducts federal income...
Forum: Moving back or to the UK
Feb 14th 2014, 7:21 am
Replies: 9
Views: 3,320
Posted By mickok

Re: US Foreign Tax Credit Question

Thank you for your kind responses. I hold dual citizenship, with a North Carolina state pension, and I teach online for a US college. My wife is a USC and also teaches online for a US college. I had...
Forum: Moving back or to the UK
Feb 13th 2014, 12:53 pm
Replies: 9
Views: 3,320
Posted By mickok

US Foreign Tax Credit Question

Hi all! Well we've been in the UK since moving back from the US in May. For me it's been 35 years away, and for my USC wife, it's a whole new experience. Lots to say about the transition, lots of...
Forum: Moving back or to the UK
Sep 20th 2013, 3:31 pm
Replies: 28
Views: 2,997
Posted By mickok

Re: Does it have to be HSBC?

Yes, we opened the offshore Isle of Man account with Lloyds online. Their savings account interest rate was actually quite a bit better than we could get in the US. They sent us sterling check books...
Forum: Moving back or to the UK
Sep 13th 2013, 1:50 pm
Replies: 13
Views: 1,586
Posted By mickok

Re: HSBC, what type of account?

Just to update on our own decision. We were looking at HSBC but did not really want to do business with them. In the end we opened an offshore Isle of Man account with Lloyds, which gave us a...
Forum: Moving back or to the UK
Sep 13th 2013, 1:50 pm
Replies: 28
Views: 2,997
Posted By mickok

Re: Does it have to be HSBC?

Just to update on our own decision. We were looking at HSBC but did not really want to do business with them. In the end we opened an offshore Isle of Man account with Lloyds, which gave us a...
Forum: The Rovers Return
Aug 1st 2013, 4:51 pm
Replies: 64
Views: 6,672
Posted By mickok

Re: Money, money, money (the retirement and financial issues thread)

OK thanks, I'll check around but I've had the same experience, quite expensive services considering the small income level. I'm thinking I might just try using a UK tax accountant and a US accountant...
Forum: The Rovers Return
Aug 1st 2013, 2:18 pm
Replies: 64
Views: 6,672
Posted By mickok

Re: Money, money, money (the retirement and financial issues thread)

Dunrovin,

I wonder if I can pick up on your comment about finding an accountant to handle your US/UK taxes? Do you have any advice for someone just returned to the UK after 35 years in the US to...
Forum: Moving back or to the UK
May 2nd 2013, 6:53 pm
Replies: 50
Views: 6,377
Posted By mickok

Re: Moving back in three weeks ... home and belonging?

Thanks so much! I'm sure we will be visiting the borders quite soon, such beautiful country!
Forum: Moving back or to the UK
May 1st 2013, 6:37 pm
Replies: 50
Views: 6,377
Posted By mickok

Re: Moving back in three weeks ... home and belonging?

I spent most of my growing up in Essex, in South Ockendon just outside London.

We've considered the borders also, especially Galashiels with the promise of the new rail service to Edinburgh..
...
Forum: Moving back or to the UK
May 1st 2013, 4:17 pm
Replies: 50
Views: 6,377
Posted By mickok

Re: Moving back in three weeks ... home and belonging?

We're starting new, probably Newcastle/Durham area but we plan to spend our first month coming to a final decision. Definitely northeast though, Yorkshire, Durham, Tyne & Wear, Northumberland. I've...
Showing results 1 to 25 of 77
 
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