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Search: Posts Made By: DTLVbrit
Showing results 1 to 25 of 34
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Forum: USA
Feb 9th 2024, 4:13 am
Replies: 2
Views: 473
Posted By DTLVbrit

UK tax implications for transferring money?

Hey all,

Quick background - I'm from the UK and I am now a naturalized US citizen (after moving here in 2007). I still have my UK checking account open with about £10 in and never use - figured...
Forum: USA
Aug 24th 2015, 10:55 pm
Replies: 13
Views: 850
Posted By DTLVbrit

Re: Taking my job with me?

Did you have to file UK returns because it was a UK company? Wouldn't you have been a non-resident in the UK therefore not having to file tax there?
Forum: USA
May 23rd 2015, 8:28 pm
Replies: 12
Views: 2,936
Posted By DTLVbrit

Re: UK deferred pension and form 8983 help!

Sorry to hijack a little here, but am I right in assuming 'Defined benefit plans' kinda sounds like the UK basic state pension? As far as I was aware, the UK state pension doesn't need to be reported...
Forum: USA
Apr 7th 2015, 8:50 pm
Replies: 2
Views: 1,734
Posted By DTLVbrit

Re: FATCA (FBAR, 8938) and Pensions

Good to know - thanks for the answer.

I second guessed it because I assumed "contribution-based" pensions would be eligible, and technically you contribute to NI. I'm probably overthinking it!
...
Forum: USA
Apr 7th 2015, 7:26 pm
Replies: 2
Views: 1,734
Posted By DTLVbrit

FATCA (FBAR, 8938) and Pensions

Hey all,

I am currently not at retirement age. Does the UK state pension need to be reported on an FBAR or Form 8938?

Thanks!

(EDIT - I should mention, I don't currently file either forms as...
Forum: USA
Feb 4th 2015, 11:18 pm
Replies: 17
Views: 1,537
Posted By DTLVbrit

Re: Question about 1099-misc

That's a good point - I have always done a Schedule SE when required, however I learned today from the IRS that:

"You must pay SE tax if you had net earnings of $400 or more as a self-employed...
Forum: USA
Feb 4th 2015, 10:48 pm
Replies: 17
Views: 1,537
Posted By DTLVbrit

Re: Question about 1099-misc

Thank you! Yeah as far as I understand, anyone with a green card can work, start a business, freelance, do contract work, and are free to be employed by anyone unless specified (such as a government...
Forum: USA
Feb 4th 2015, 3:14 am
Replies: 17
Views: 1,537
Posted By DTLVbrit

Question about 1099-misc

Hey there,

This may be a stupid question, but there is no problem filing a W-9 with a company (and in turn getting a 1099-misc at tax time) while on a green card, right? I seem to remember it's ok...
Forum: USA
Jan 24th 2015, 4:09 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Right, as I wouldn't have signature authority until the Will maker is deceased. Got it. Sorry
Forum: USA
Jan 24th 2015, 3:40 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Ugh of course. What about having signature authority? I assume same rules apply?
Forum: USA
Jan 24th 2015, 3:24 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Yeah I'm totally over thinking - sorry. Did I read wrong before though, being the executor of a will before deceased might also trigger an FBAR? Even though I wouldn't have any control over any...
Forum: USA
Jan 24th 2015, 2:45 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Sorry, I meant that prior to tax year 2014, you had no requirement to file FBAR or 8938, as it sounds like you didn't. I think I was getting flustered over all this and understanding JAJ had...
Forum: USA
Jan 24th 2015, 2:30 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Ok - got it, thanks.

As I don't believe I am the executor or have signature authority (I have no recollection of that happening), then my filing will stay the same - no FBAR, 8930 or 3520.
Forum: USA
Jan 24th 2015, 2:23 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

So, if I am just a beneficiary, under my current situation I would not be required to file anything?
Forum: USA
Jan 24th 2015, 2:21 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Even if you were a beneficiary in 2013, nothing was filed for FBAR or 8938? Ugh, this gets so complicated.
Forum: USA
Jan 24th 2015, 1:32 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

So, if I was the executor who has signatory authority on the Will (pre the passing of the Will maker), I would have to file FBAR and 8938 if it was over the respective thresholds?
Forum: USA
Jan 24th 2015, 1:17 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Great - thanks! And now I feel much more educated on the subject, which I am very thankful for!

I am also thankful for not having accidentally missed the 3520 form or get any penalties.

You...
Forum: USA
Jan 24th 2015, 1:09 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Ah yes, I see what you mean - but those implications of being the executor would only cause potential Form 3520 filings after the passing, not before, right?
Forum: USA
Jan 24th 2015, 12:47 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

I'm so sorry to hear that's something you had to deal with :( -

And thanks again (and Hotscot) for helping me not have to worry about missing filing the form 3520. I would have been really...
Forum: USA
Jan 24th 2015, 12:26 am
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Thanks again for your response. Just to make sure I have this right then, a Will is not considered a trust, but if that person who made the Will passes, their estate in their Will could potentially...
Forum: USA
Jan 23rd 2015, 11:54 pm
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Interesting regarding foreign estates. So you believe a Will (in my case, I assume it would be a very basic one) could be considered a foreign trust? Even if that was true, I would only need to file...
Forum: USA
Jan 23rd 2015, 10:36 pm
Replies: 42
Views: 3,669
Posted By DTLVbrit

Re: US Tax regarding UK savings accounts

Thanks for that - missed this message. That makes sense then!

I guess there is a different between a Will my parents may have set up back in the UK (which I am unaware of) and a trust? I know...
Forum: USA
Dec 30th 2014, 8:12 pm
Replies: 19
Views: 2,904
Posted By DTLVbrit

Re: Tax Implications - UK FBAR?

Well, it wasn't in writing, but over the phone and updating my profile on my online account. I'm sure it's fine either way :)

And I will think about keeping it open - having access to it while in...
Forum: USA
Dec 30th 2014, 7:41 pm
Replies: 19
Views: 2,904
Posted By DTLVbrit

Re: Tax Implications - UK FBAR?

I hear you - I was basically just making sure they had all the correct info to avoid any headaches later and this was just on my list of things tax related to sort out before the end of the year as...
Forum: USA
Dec 30th 2014, 5:41 am
Replies: 19
Views: 2,904
Posted By DTLVbrit

Re: Tax Implications - UK FBAR?

Got it. I called them today just to ensure they knew I was a permanent resident in the U.S. HSBC said they needed to further details but will contact me if needed.

I guess I have done all I can...
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