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Search: Posts Made By: Slalomdude
Showing results 1 to 25 of 34
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Forum: Moving back or to the UK
Dec 3rd 2023, 7:48 pm
Replies: 19
Views: 1,709
Posted By Slalomdude

Re: Cashing on a large chunk of 410k before returning.

Based on what I have read on HRMC forums , their agents are not all on the same page regarding if a lump sum payout is taxable in US and also UK. Just leaves me scratching my head!
On a side note,...
Forum: Moving back or to the UK
Dec 3rd 2023, 4:10 pm
Replies: 19
Views: 1,709
Posted By Slalomdude

Re: Cashing on a large chunk of 410k before returning.

My issue is that I will leaving my employer in January and will become a UK tax resident in April. After April I will be subject to 40% tax on conversions if my taxable income exceeds £51k correct ?
Forum: Moving back or to the UK
Dec 3rd 2023, 3:59 pm
Replies: 19
Views: 1,709
Posted By Slalomdude

Re: Cashing on a large chunk of 410k before returning.

Thank you, good information .
Forum: Moving back or to the UK
Dec 3rd 2023, 1:09 pm
Replies: 27
Views: 3,101
Posted By Slalomdude

Re: Renouncing USA citizenship

So if investments are none HRMC reporting, even though they are Roth and tax free in US, their dividends or withdrawals will be taxable in UK ?
Forum: Moving back or to the UK
Dec 3rd 2023, 1:02 pm
Replies: 19
Views: 1,709
Posted By Slalomdude

Re: Cashing on a large chunk of 410k before returning.

Unfortunately my employer does not offer Roth conversions. The best I could do was change my contributions from traditional to 401k. I did this three years ago when i decided to early retire back...
Forum: Moving back or to the UK
Dec 2nd 2023, 2:27 pm
Replies: 19
Views: 1,709
Posted By Slalomdude

Cashing on a large chunk of 410k before returning.

Would this make sense ?
So my DB pension will put me in the higher tax bracket in the UK. Any 401k withdrawals would therefore be taxed in the UK at 40%. I am thinking of taking a very large chunk...
Forum: Moving back or to the UK
Dec 2nd 2023, 2:19 pm
Replies: 27
Views: 3,101
Posted By Slalomdude

Renouncing USA citizenship

Now that the US has lowered the cost back down to a realistic $450 has anyone reconsidered renouncing. I am retiring back to the UK after 25 years in Florida. The cost and hassle of annual tax...
Forum: Moving back or to the UK
Sep 6th 2023, 11:35 am
Replies: 26
Views: 2,370
Posted By Slalomdude

Re: Having both a UK and US driving license

You mean rent a car on my US license? That is an option, albeit way more expensive than being added to her policy.
When I moved to the US, I simply applied and took a test for the license there. I...
Forum: Moving back or to the UK
Sep 5th 2023, 9:13 pm
Replies: 26
Views: 2,370
Posted By Slalomdude

Having both a UK and US driving license

Later this month, I am heading back to the Uk to fly my wife and dogs over before I move back permanently in Jan. My mum offered to put me on her car insurance to let me drive it for the week. She...
Forum: Moving back or to the UK
Jun 15th 2023, 4:22 pm
Replies: 8
Views: 747
Posted By Slalomdude

Re: UK/USA citizen and ISA’s

Riddle me this one. If I transferred a chunk of 401k into an IRA before the end of this year, it would count as 2023 income, Filling jointly in US would allow me to earn about $400k year and still...
Forum: Moving back or to the UK
Jun 15th 2023, 7:03 am
Replies: 8
Views: 747
Posted By Slalomdude

Re: UK/USA citizen and ISA’s

Great suggestions though. Keep em coming 👍
Forum: Moving back or to the UK
Jun 15th 2023, 7:02 am
Replies: 8
Views: 747
Posted By Slalomdude

Re: UK/USA citizen and ISA’s

My company 401k will not allow any Roth conversions so I would need to pull it out and reinvest with another company. My only concern there is that it will tie it up till I am 59.5 to avoid the 10%...
Forum: Moving back or to the UK
Jun 15th 2023, 1:42 am
Replies: 8
Views: 747
Posted By Slalomdude

Re: UK/USA citizen and ISA’s

Thank you for that information. Time to rethink !
Forum: Moving back or to the UK
Jun 14th 2023, 4:16 pm
Replies: 8
Views: 747
Posted By Slalomdude

UK/USA citizen and ISA’s

After retiring back in the UK later this year, I will need to look at tax efficient ways to take retirement income. I will be using “rule of 55” to access 401k penalty free and will use it as a...
Forum: Moving back or to the UK
Apr 30th 2023, 6:16 pm
Replies: 39
Views: 4,370
Posted By Slalomdude

Re: tricky WEP question

Excellent, thank you 👍
Forum: Moving back or to the UK
Apr 30th 2023, 6:03 pm
Replies: 39
Views: 4,370
Posted By Slalomdude

Re: tricky WEP question

Correctly me if I am wrong, but it is still worth making up missed NI contributions even though my SS will be reduced due to the increased UK pension.
Forum: Moving back or to the UK
Apr 30th 2023, 5:58 pm
Replies: 39
Views: 4,370
Posted By Slalomdude

Re: tricky WEP question

Thank you for the excellent explanation. So the calculation uses total SS contributions over your lifetime without regard to number of years of contributions, makes sense to me know. Cheers.
Forum: Moving back or to the UK
Apr 30th 2023, 5:20 pm
Replies: 39
Views: 4,370
Posted By Slalomdude

Re: tricky WEP question

Can’t really understand this WEP. As I will only have 23 years of SS contributions,( many were below the maximum annual limit) I will obviously not be eligible for full SS payment. I have 14 yrs of...
Forum: Moving back or to the UK
Apr 30th 2023, 5:37 am
Replies: 39
Views: 4,370
Posted By Slalomdude

Re: tricky WEP question

Is a UK company pension income subject to WEP or only UK Government pension income. I am getting ready to make up the maximum years of Class 2 NIC before the deadline and happy to see they wont be...
Forum: Moving back or to the UK
Mar 12th 2023, 2:33 pm
Replies: 11
Views: 1,873
Posted By Slalomdude

Re: NI Catch Up - ordinarily resident or not

Thats good news, thanks. I should probably try to call them to make sure they actually received it. I never received any kind of receipt that they did. Hate to assume the Postal service did their job!
Forum: Moving back or to the UK
Mar 12th 2023, 2:13 pm
Replies: 2
Views: 997
Posted By Slalomdude

Re: Shipping a dog ♥️🐶

We have done it and planning on doing it again this year. Things have certainly changed since Covid and now you have to use a cargo company if you are flying into the UK (about $4k per dog). We are...
Forum: Moving back or to the UK
Mar 12th 2023, 2:03 pm
Replies: 11
Views: 1,873
Posted By Slalomdude

Re: NI Catch Up - ordinarily resident or not

How long after sending the paperwork did you hear back from them. I sent mine early December and have not heard back yet. I was starting to panic but they have just extended the April deadline to...
Forum: Moving back or to the UK
Mar 12th 2023, 2:00 pm
Replies: 3
Views: 978
Posted By Slalomdude

Re: Shipping small container to UK

After selling our Fla home last year, we moved our stuff (mainly personal effects, no furniture) into a 20x10 storage unit. I have been quoted $6k for a 20ft shipping container. The quotes were...
Forum: Moving back or to the UK
Dec 13th 2022, 12:55 pm
Replies: 11
Views: 1,004
Posted By Slalomdude

Re: Best US Bank to Keep

Thanks, I called them yesterday and that is the route we will go.
Forum: Moving back or to the UK
Dec 13th 2022, 11:55 am
Replies: 14
Views: 1,308
Posted By Slalomdude

Re: Looking for financial advisor

Sorry for my ignorance, but are 401k distributions classified as stocks and shares and liable for UK capital gains taxes? I was asssuming they would be classified as income and be taxed at the...
Showing results 1 to 25 of 34
 
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