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Forum: USA

Oct 2nd 2019, 5:45 pm

Replies: 22

Help needed - company pension in UK, getting it to the US

Views: 4,354

Posted By Cook_County

Re: Help needed - company pension in UK, getting it to the US

The IRS are currently litigating against an individual who it is rumoured took doubtful advise on the US tax implications of Australian superannuation. The moral of this story to my mind is to be...

Forum: USA

Aug 16th 2019, 11:48 am

Replies: 22

Help needed - company pension in UK, getting it to the US

Views: 4,354

Posted By Cook_County

Re: Help needed - company pension in UK, getting it to the US

The SDOP is explained here: https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-in-the-united-states

Forum: USA

Aug 16th 2019, 11:36 am

Replies: 22

Help needed - company pension in UK, getting it to the US

Views: 4,354

Posted By Cook_County

Re: Help needed - company pension in UK, getting it to the US

You'll want to budget 5% of the value to deal with the IRS SDOP penalty. As your existing adviser seems not to have thought to ask you about non-US financial assets, hopefully his error & omission...

Forum: USA

Aug 16th 2019, 11:34 am

Replies: 22

Help needed - company pension in UK, getting it to the US

Views: 4,354

Posted By Cook_County

Re: Help needed - company pension in UK, getting it to the US

Assuming you take a lump-sum distribution taxation by both countries is not necessarily what the tax treaty says. Bringing - or not bringing - the money to the United States has no tax effect.

Forum: USA

Aug 16th 2019, 7:37 am

Replies: 22

Help needed - company pension in UK, getting it to the US

Views: 4,354

Posted By Cook_County

Re: Help needed - company pension in UK, getting it to the US

Has the pension plan been declared to the IRS each year on an 8938? Is it required to be disclosed on an FBAR? Sounds as if there is some US focused paperwork to be catching up with...

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