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Search: Posts Made By: durham_lad
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Yesterday, 10:29 am
Replies: 26
Views: 977
Posted By durham_lad

Re: Returning to UK after 7 years in US

I'd rather not need any surgeries but the low cost and simplicity of the health claims is so much easier compared to our experiences during our 29 years in the USA (we had a lot of treatment...
Mar 17th 2024, 8:27 pm
Replies: 26
Views: 977
Posted By durham_lad

Re: Returning to UK after 7 years in US

When we returned to England in 2017 we took out private health insurance through Aviva. That first year cost £1,080 in premiums and covered health, vision and dental for both of us, in our 60’s....
Mar 17th 2024, 8:09 am
Replies: 39
Views: 3,931
Posted By durham_lad

Re: tricky WEP question

This can also definitely be an issue, but only applies to spouses of those who worked for the US government and have a pension with them.

https://www.ssa.gov/pubs/EN-05-10007.pdf
Mar 16th 2024, 11:51 pm
Replies: 39
Views: 3,931
Posted By durham_lad

Re: tricky WEP question

Your spouse will only get 50% of your benefits if she applies at full retirement age. You may know that but it’s not clear from your post.
...
Mar 14th 2024, 9:12 pm
Replies: 2
Views: 196
Posted By durham_lad

Re: UK/US tax

Like yourself I really struggled with this when I returned in 2016 and finally found one who has been doing my returns. She is fully booked and each year I wonder if this is the year I won't get a...
Forum: USA
Mar 14th 2024, 9:03 pm
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

As an aside, when living in the UK SS is only taxed in the UK but you can’t get TT to put zero as the taxable amount on form 1040, it always puts 85% of your SS as taxable. The solution from the TT...
Mar 13th 2024, 8:48 am
Replies: 2
Views: 213
Posted By durham_lad

Re: Can the approved TOR date be changed?

Exactly the same happened my daughter when she moved back to the UK from California in 2022 and the answer is yes, the date can be changed. I don’t recall the mechanism but she had no problem in...
Mar 13th 2024, 8:40 am
Replies: 5
Views: 340
Posted By durham_lad

Re: Question for former US residents re abandoning LPR status

Definitely no reduction in SS if you move back, and certainly no ‘flat tax’. There is a 30% withholding tax on IRA distributions if you reside in the UK, and that applies to US citizens as well. That...
Mar 13th 2024, 8:25 am
Replies: 2
Views: 250
Posted By durham_lad

Re: Partial tax year question

When we returned to the UK and later filed our first UK tax return we filed them as a split year. We had moved back in May and no income from our previous time in the USA was taken into...
Mar 12th 2024, 9:13 am
Replies: 5
Views: 340
Posted By durham_lad

Re: Question for former US residents re abandoning LPR status

On the SS question. My wife applied through the London US Embassy for her SS a couple of years ago and it went through extremely well, but just before the application interview on the phone was...
Forum: USA
Mar 12th 2024, 8:55 am
Replies: 3
Views: 255
Posted By durham_lad

Re: Gifting US-Held Shares by UK National in the UK

I agree with GG’s advice above, much less complicated to first liquidate shares before gifting them to a US person.

the 7 year rule can be a sliding scale, starting at 40% tax then going down to...
Forum: USA
Mar 10th 2024, 8:36 am
Replies: 6
Views: 654
Posted By durham_lad

Re: Moving back to the UK , do I go for dual citizenship

Under the circumstances I would definitely apply for US citizenship.

As mentioned above take time to prepare your finances before moving back. We rolled our 401ks into IRAs with a brokerage that...
Forum: USA
Mar 10th 2024, 8:26 am
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

That is a great reason for simply reporting it as Other Income!!
Mar 7th 2024, 3:56 pm
Replies: 16
Views: 1,308
Posted By durham_lad

Re: feeling the stress getting ready to move back to the UK ( Scotland)

I don’t know about Scotland but in the NE of England they are definitely much harder to come by. In 2022 our daughter’s partner moved here and was in an Airbnb for a couple of months before finding a...
Mar 6th 2024, 7:08 am
Replies: 1
Views: 386
Posted By durham_lad

Re: Moving to uk - need help with Vanguard in the USA

It doesn’t matter what investments are held within an IRA because HMRC won’t tax them. Once IRA distributions start then, just like the IRS, they will be taxed as regular income.

None of the funds...
Mar 5th 2024, 10:32 am
Replies: 16
Views: 1,308
Posted By durham_lad

Re: feeling the stress getting ready to move back to the UK ( Scotland)

We also moved back after 29 years away and decided to rent first before buying. It worked great because after a few months of renting we got to know exactly the areas of the town we wanted to live in...
Forum: USA
Mar 4th 2024, 7:21 am
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

so you did :)

Someone needs to take one for the team, add it to their 1040 on line 6 and see if the IRS rejects the return. Then report back here.
Forum: USA
Mar 3rd 2024, 8:09 pm
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

If I was filing a State return in Oregon I would pose the question directly to the State regulators. It looks like they have good places to ask if foreign SS payments are free of State taxes. Given...
Forum: USA
Mar 3rd 2024, 3:10 pm
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

I agree that it is easier, and the IRS won’t object, to putting foreign pensions as other income. TT is also happy to let you put the foreign pension as other income. The main point I am making above...
Forum: USA
Mar 3rd 2024, 3:08 pm
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

I agree that it is easier, and the IRS won’t object, to putting foreign pensions as other income. TT is also happy to let you put the foreign pension as other income. The main point I am making above...
Forum: USA
Mar 3rd 2024, 7:16 am
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

on page 23 it states that foreign pensions and annuities should be reported on line 5. (If you don’t receive a 1099-R there is a substitute form available)

on page 30, the instructions headed...
Forum: USA
Mar 2nd 2024, 1:43 pm
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

The treaty states the following in Article 17:


Since OAP is 100% taxed in the UK then it is also taxed at 100% in the US for a US resident.

For a UK resident receiving US SS then 85% or less...
Forum: USA
Mar 2nd 2024, 1:40 pm
Replies: 72
Views: 6,150
Posted By durham_lad

Re: UK State Pension and US tax return

The treaty states the following in Article 17:


Since OAP is 100% taxed in the UK then it is also taxed at 100% in the US for a US resident.

For a UK resident receiving US SS then 85% or less...
Mar 2nd 2024, 12:21 pm
Replies: 4
Views: 633
Posted By durham_lad

Re: Wise - bordeless accounts.

There is a fee for incoming wires but I always choose to receive via ACH which is free but takes overnight rather than same day, unless it is a weekend or Federal holiday. e.g. transfer Monday...
Mar 1st 2024, 6:26 pm
Replies: 8
Views: 835
Posted By durham_lad

Re: Best savings options for people with 2 tax residents

As a US citizen you are always considered tax resident in the USA. The USA is the only country in the world apart from Eritrea that taxes its citizens on their worldwide income regardless of where...
Showing results 1 to 25 of 1000
 


 
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