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Search: Posts Made By: retman
Showing results 1 to 25 of 43
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Forum: USA
Feb 13th 2025, 9:53 am
Replies: 114
Views: 29,026
Posted By retman

Re: UK State Pension and US tax return

Extract from Mass.Gov:
Income excluded due to tax treatiesIncome that is federally excluded due to a tax treaty is also excluded for Massachusetts tax purposes. However, you still need to report the...
Forum: USA
Feb 5th 2025, 7:52 am
Replies: 22
Views: 6,168
Posted By retman

Re: UK Pension Payments when living in the USA

You are normally able to have pension payments or fund balances remitted directly to WISE, who will then be able to arrange currency exchange conversion and international transfer of funds to your US...
Forum: USA
Sep 9th 2024, 11:47 pm
Replies: 27
Views: 5,101
Posted By retman

Re: Why is the UK PCLS taxable to citizens but not residents?

Article 18 deals with cross-border pension contributions. Income generated within the pension is not taxable during this phase. When withdrawals are made which is covered under Article 17, tax...
Forum: USA
Sep 3rd 2024, 11:27 pm
Replies: 27
Views: 5,101
Posted By retman

Re: Why is the UK PCLS taxable to citizens but not residents?

Cliffonthelake,

You misunderstand. It is not my statement, nor is it an extrapolation, nor my interpretation. It is the exact verbiage contained in the Technical Explanation, page 64. I have no...
Forum: USA
Aug 24th 2024, 5:10 am
Replies: 27
Views: 5,101
Posted By retman

Re: Why is the UK PCLS taxable to citizens but not residents?

Stated in the Technical Explanation is the following:
Article 17
Subparagraph 1(a) is subject to the saving clause of paragraph 4 of Article 1 (General
Scope) while subparagraph 1(b) is not, by...
Forum: USA
Jul 5th 2023, 7:52 am
Replies: 122
Views: 33,539
Posted By retman

Re: UK Pension taxation for US Resident

Instructions for form 8802 clearly state the action to take. You complete both US 8802 and UK form 2002 and send to IRS
Forum: USA
Jun 28th 2023, 2:46 am
Replies: 122
Views: 33,539
Posted By retman

Re: UK Pension taxation for US Resident

You do not contact the HMRC. You follow the process outlined above by completing various forms, see post # 4 and #5. It goes to the IRS who communicates with HMRC. It takes some reading to understand...
Forum: USA
Jun 28th 2023, 2:39 am
Replies: 122
Views: 33,539
Posted By retman

Re: UK Pension taxation for US Resident

You will receive an online pension payslip when your withdrawal request has been processed. It will state your tax code.
Forum: USA
Jun 28th 2023, 2:20 am
Replies: 122
Views: 33,539
Posted By retman

Re: UK Pension taxation for US Resident

So if you are assigned an initial emergency tax code, you would have to withdraw an amount exceeding GBP 1,048 equates to 75% of the total amount withdrawn from your SIPP. This would then likely...
Forum: USA
Jun 28th 2023, 2:09 am
Replies: 122
Views: 33,539
Posted By retman

Re: UK Pension taxation for US Resident

AJ Bell will only take out tax dependent on what tax code HMRC assigns when you request a withdrawal. Likely it would be emergency tax code 1250 L M1.
Forum: USA
Jun 28th 2023, 1:42 am
Replies: 122
Views: 33,539
Posted By retman

Re: UK Pension taxation for US Resident

There are various options to withdraw from a SIPP on AJ Bell. You can withdraw using UFPLS; 25% will be tax free and 75% liable for UK tax. So a withdrawal of GBP 1,000 does not affect any other...
Forum: USA
Dec 4th 2022, 5:49 am
Replies: 32
Views: 7,492
Posted By retman

Re: Options for UK Pension (Defined Contribution)

You state that your company pension is "Defined Contribution". It may be possible to transfer to a UK SIPP such as AJ Bell which is the only provider I am aware of that will accept transfer from "US...
Forum: USA
Jul 27th 2022, 6:15 am
Replies: 13
Views: 3,060
Posted By retman

Re: Transferring UK pension funds to US bank account

According to the Form 8833 instructions there is an exception to reporting " pension income" and the requirement is waived.
Forum: USA
Jan 25th 2022, 2:01 am
Replies: 34
Views: 7,080
Posted By retman

Re: Being taxed on UK State pension

Ran into similar problems last year, both at the IRS end and HMRC. It appears that work from home has caused workflow issues and misplaced documents. I gave up and until Covid pandemic is over,...
Forum: USA
Oct 5th 2021, 7:22 am
Replies: 9
Views: 1,600
Posted By retman

Re: approaching 65 and need to find out about getting my British Pension

The easiest way to apply is by phone. They will only ask the information needed to make a decision. No need trying to complete the international claim form and provide answers all those questions...
Forum: USA
Apr 23rd 2021, 7:17 am
Replies: 4
Views: 1,428
Posted By retman

Re: Uk Pension Lump Sum

Take a look at via Thread search function: UK Pensions related to UK/US Tax Treaty.

Post# 97 Glasgow Kid on 1/27/2020.

Plus read through the comments on the thread that goes back to 2017
Forum: USA
Apr 23rd 2021, 7:02 am
Replies: 4
Views: 1,428
Posted By retman

Re: Uk Pension Lump Sum

I personally do not have any experience. There was someone who did in fact report that they submitted amended tax returns claiming tax free lump sum. Back in late 2020 I believe on this site.
Forum: USA
Apr 23rd 2021, 6:18 am
Replies: 4
Views: 1,428
Posted By retman

Re: Uk Pension Lump Sum

There is plenty of commentary on this site concerning the subject matter. You will find a mix of opinions, no definitive answer to the question you raise. Many others seek the same. Searching the...
Forum: USA
Apr 8th 2021, 12:37 pm
Replies: 21
Views: 5,158
Posted By retman

Re: filing UK pension in US

I suggest you read the accompanying instructions to Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b) Form 8833. Exceptions from reporting. Regulations section 301.6114-1(c)...
Forum: USA
Mar 29th 2021, 1:23 am
Replies: 21
Views: 5,158
Posted By retman

Re: filing UK pension in US

Submitted Form 8802 process early September 2020. IRS completed their part end of December. Still waiting on UK HMRC to complete their part.. So 6 months so far!!
Forum: USA
Mar 27th 2021, 10:02 am
Replies: 21
Views: 5,158
Posted By retman

Re: filing UK pension in US

What you do not make clear is for 2020 whether you were a US citizen or "green card resident alien" or other status requiring reporting to the US authorities and therefore liable for US tax. Or did...
Forum: USA
Feb 3rd 2021, 8:37 am
Replies: 56
Views: 9,951
Posted By retman

Re: Pensions from UK question - US Tax Form

According to 1040 tax Instructions: Report distributions from foreign pension plans on lines 5a and 5b
Forum: USA
Feb 3rd 2020, 11:00 pm
Replies: 25
Views: 2,380
Posted By retman

Re: Charlotte- Mecklenburg: Securing a school place

My son went through the CMS school system from elementary, middle and high school. We lived on the South side (the wedge). Plenty of properties to rent or purchase. We could not afford private...
Forum: USA
Jan 30th 2020, 12:59 am
Replies: 3
Views: 769
Posted By retman

Re: Transferring US SEP IRA pension to a UK based pension

A transfer from a IRA to another IRA is classified as a rollover, no tax implications. A transfer from an IRA to a UK pension fund which is a non-qualified retirement vehicle in the eyes of the IRS...
Forum: USA
Jan 26th 2020, 1:05 am
Replies: 1,869
Views: 615,956
Posted By retman

Re: UK state pension and USA social security

I suggest calling the SSA direct on 1-800-772-1213. You may have to hold. I did for about 5 minutes. They took my details over the phone initially. I believe you can transact business by email and...
Showing results 1 to 25 of 43
 
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