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Search: Posts Made By: Cook_County
Showing results 1 to 25 of 936
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Forum: USA
Feb 28th 2026, 4:48 am
Replies: 11
Views: 6,892
Posted By Cook_County

Re: Foreign Tax Credit on Lump Sum

You'll be calculating basis using the general rule. Growth would only have been subject to US tax if the individual was "highly compensated", which is quite a technical phrase.
Forum: USA
Feb 12th 2026, 7:57 pm
Replies: 9
Views: 958
Posted By Cook_County

Re: How do I report foreign income on US taxes?

Frequently the distributions have basis, so for many individuals not all of the payments are taxable when received.Publication 939 (12/2025), General Rule for Pensions and Annuities | Internal...
Forum: USA
Feb 12th 2026, 7:44 am
Replies: 9
Views: 958
Posted By Cook_County

Re: How do I report foreign income on US taxes?

Pension distributions are always reported at Lines 5a and 5b on page 1 of Form 1040. If you have any basis in the plan, you'd calculate this using the general rule so that you know what amount is US...
Forum: USA
Feb 11th 2026, 9:22 am
Replies: 10
Views: 1,126
Posted By Cook_County

Re: 1st Tax Return - pensions?

California is not a party to the tax treaty, so California will want to charge tax on undistributed income & gains within the plan.
Forum: USA
Sep 17th 2025, 3:56 am
Replies: 9
Views: 4,592
Posted By Cook_County

Re: Paying Off UK Mortgage in full - Tax implications?

In the UK you and your spouse are each currently filing annual self-assessment tax returns. Mortgage interest is not deducted. In the US the rental activity is currently being reported on Schedule...
Forum: USA
Jul 7th 2025, 9:09 am
Replies: 43
Views: 6,226
Posted By Cook_County

Re: FBAR Please Help

The SDOP penalty is calculated based the highest value of the 31 December valuations for the last 6 years that are overdue, but there can be exceptions for some kinds of financial assets. You'll...
Forum: USA
Jul 7th 2025, 9:06 am
Replies: 11
Views: 6,892
Posted By Cook_County

Re: Foreign Tax Credit on Lump Sum

The plan would be reported on Form 8938. There is insufficient information to know if it also needs to be reported on an FBAR. The gross (once converted to US dollars) is reported at Lines 5a and 5b...
Forum: USA
Jul 5th 2025, 6:35 pm
Replies: 43
Views: 6,226
Posted By Cook_County

Re: FBAR Please Help

The broad outline described in the question in common. There are insufficient details to know how to approach the IRS. These are issues to discuss with a dually US and UK qualified accountant.
Forum: USA
Jul 4th 2025, 10:38 pm
Replies: 43
Views: 6,226
Posted By Cook_County

Re: FBAR Please Help

It may help to assist that as dually US and UK qualified accountants we have successfully prepared many, many SDOP filings in very similar circumstances. A few key points:

The 5% penalty is...
Forum: USA
Jun 12th 2025, 10:21 am
Replies: 21
Views: 6,403
Posted By Cook_County

Re: Leaving U.S. Permanently & Surrendering My GC — Sanity Check My Checklist?

From a tax perspective:
1. Look into filing a sailing permit
2. Determine if you might be a covered expatriate
3. Get rid of any HSAs, LLCs, living trusts & 529 plans
4. Do some FIG tax planning...
Forum: USA
May 18th 2025, 1:14 am
Replies: 7
Views: 1,096
Posted By Cook_County

Re: Mum' Will - Tax Implications if Daughter Under 18

Simply for clarity, a UK deed of variation is of no value for US purposes UNLESS it meets the conditions of a US qualified disclaimer. Finding a lawyer who understands both requirements can itself be...
Forum: USA
May 16th 2025, 3:52 am
Replies: 7
Views: 1,096
Posted By Cook_County

Re: Mum' Will - Tax Implications if Daughter Under 18

A foreign trust is generally a BAD thing for a US person. If you the only trustee, it will be a US trust not a foreign trust, but this could lead to becoming an offshore trust with IHT chargeable....
Forum: USA
Apr 29th 2025, 9:36 am
Replies: 9
Views: 1,105
Posted By Cook_County

Re: Remortage UK buy-to-let house to pay down US mortgage

Thanks, that's useful. But limited just like in the US to interest paid on the acquisition debt.
Forum: USA
Apr 29th 2025, 9:11 am
Replies: 9
Views: 1,105
Posted By Cook_County

Re: Remortage UK buy-to-let house to pay down US mortgage

A few observations:

Re-mortgaging the UK home may result in a US taxable foreign currency mortgage gain. You may have excess foreign tax credits from up to the last 10 years that could be used to...
Forum: USA
Apr 16th 2025, 11:58 pm
Replies: 8
Views: 1,150
Posted By Cook_County

Re: First Tax Return Help

The UK State pension and pension distributions from a UK final salary pension are always reported at Lines 5a and 5b on page 1 of Form 1040. If required to file, also reported on an 8938. UK bank...
Forum: USA
Apr 2nd 2025, 5:53 am
Replies: 20
Views: 3,718
Posted By Cook_County

Re: US tax help

The UK State pension is always reported at Lines 5a and 5b on page 1 of Form 1040.
Forum: USA
Apr 2nd 2025, 5:50 am
Replies: 20
Views: 3,718
Posted By Cook_County

Re: US tax help

1. All transfers are reported at Lines 5a and 5b on page 1 of Form 1040. If you are a resident of a State which has an income tax, the distribution may be taxable in that State.
2. Both the old and...
Forum: USA
Mar 14th 2025, 9:49 pm
Replies: 9
Views: 4,592
Posted By Cook_County

Re: Paying Off UK Mortgage in full - Tax implications?

Because you have only been in the US since 2018 you should have decent amount of excess foreign tax credits carrying forward from 2018 which could be used to offset tax on the mortgage gain. It's...
Forum: USA
Feb 19th 2025, 7:56 am
Replies: 13
Views: 1,635
Posted By Cook_County

Re: Roth 401b withdrawal in UK

Assuming King Charles signs this into law, UK tax would be eliminated by electing to use the FIG rules, making electing to use the terms of a treaty obsolete. Treaties are only useful where they...
Forum: USA
Feb 12th 2025, 8:44 pm
Replies: 114
Views: 29,027
Posted By Cook_County

Re: UK State Pension and US tax return

The words of the treaty are quite easy to follow. Social security or similar (e.g. the UK State pension) are free of US tax only if paid to a resident of the US. When the State pension is paid to a...
Forum: USA
Jan 26th 2025, 7:51 am
Replies: 10
Views: 899
Posted By Cook_County

Re: US Tax resident status and UK limited companies

1. The rental activity is reported on Schedule E plus Form 8858 and Form 1116.
2. If the JISA owns PFICs you'd be thinking of annual PFIC reporting plus a deemed disposal when you leave the US. It...
Forum: USA
Jan 26th 2025, 7:43 am
Replies: 15
Views: 3,303
Posted By Cook_County

Re: UK Premium bonds/US/UK Citizen/US resident

Premium bonds are a financial asset held in an account. Reported both an FBAR and Form 8938. Prizes are subject to US tax.
Forum: USA
Jan 3rd 2025, 10:08 am
Replies: 6
Views: 884
Posted By Cook_County

Re: UK State Pension - Which US Tax Year?

A State pension is - very oddly - taxed by the UK ONLY on an accrual basis. The US does not care about the UKs quaint rules. The US looks only at constructive receipt. It was received, it is...
Forum: USA
Dec 21st 2024, 10:00 pm
Replies: 1,097
Views: 412,842
Posted By Cook_County

Re: Class 2 NI. What about us poor expats paying voluntary contributions?

There is no US qualified tax professional listed in the UK at the official IRS Directory called Jeff Patterson: RPO Preparer Directory (https://irs.treasury.gov/rpo/rpo.jsf). It seems unlikely that...
Forum: USA
Dec 8th 2024, 6:31 am
Replies: 7
Views: 1,816
Posted By Cook_County

Re: Delinquent submission now vs SDOP later

It may help to be open and honest. I am a dually US and UK qualified tax professional and handle these kind of cases every day. We have offices where clients meet us face to face; naturally where our...
Showing results 1 to 25 of 936
 
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