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Forum: USA
Dec 31st 2016, 2:22 am
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

It's important to understand the WEP rules for your foreign pension and SS contributions because realistically the SSA person is not going to understand the nature of those contributions. So you...
Forum: USA
Oct 30th 2016, 1:30 pm
Forum: USA
Sep 24th 2016, 1:18 am
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

If that is UK dole then it was not subject to FICA and so that portion of the UK state pension would be WEP'able.

Voluntary NI paid from US wages is not WEP'able and neither are any amounts from...
Forum: USA
Apr 22nd 2016, 3:27 am
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

WEP was put in place for state and government workers. The US SS system pays proportionally more to people with lower life time incomes. An incomplete US work history because of non SS earnings makes...
Forum: USA
Feb 26th 2016, 2:27 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

In MA the state does not pay SS....MTRS is part of the state pension system and if the retiree has either a DC plan or takes a lump sum the state should contact SSA with the equivalent annuity...
Forum: USA
Feb 26th 2016, 5:14 am
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

I imagine SSA will ask you about any UK pensions and will work out the relevant income given the lumps sum and when you took it.
Forum: USA
Feb 26th 2016, 3:15 am
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

Here is how the SSA determines the WEP amount if you have a defined contribution lump sum rather than an annuity or pension payment. It takes the lump sum and divides by a actuarial figure to...
Forum: USA
Feb 25th 2016, 8:31 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

My best guess......and that's all it is....is that a lump sum taken would be converted to the equivalent "substantially equal payments" for the WEP calculation. So if you take a UK pension lump sum...
Forum: USA
Feb 25th 2016, 6:29 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

You should start by reading the WEP section in the SSA website. Then look at their WEP calculator. Any UK private pension and UK state pension that is a result if wages that were not subject to FICA...
Forum: USA
Jan 29th 2016, 10:45 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

Not really. If you are not a US citizen and lived in the UK with US and UK rentals and you are taxed on an arising basis you do your taxes in the UK first and pay the UK tax on the rental income...
Forum: USA
Jan 29th 2016, 1:00 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

The DTA (Article 6) gives primary the right of taxation on rentals to the residence country, but if you live in one country and own a rental in the other you'll still have to comply with the tax...
Forum: USA
Jan 29th 2016, 12:55 am
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

Where's the rental, what is the residence and citizenship of the owner? Even if there is 30% withholding (and I doubt that for US/UK taxes on US/UK residents) you get to apply withholding to your tax...
Forum: USA
Jan 26th 2016, 10:48 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

All good questions.....I bet the SSA would just ask for the amount of the non-SS income in the year you applied for SS and use that for WEP.
Forum: USA
Jan 26th 2016, 7:53 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

There's lots that Turnotax simply doesn't cover, heck I have to file my 3520 manually because it isn't in Turbotax.

The IRS gives the usual guidance as to how to calculate tax free basis and you...
Forum: USA
Jan 26th 2016, 5:14 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

The instructions on the 1040 say to report foreign pension income on line 16a and 16b...........but as long as there are no tax basis issues line 21 will work too.
Forum: USA
Jan 26th 2016, 3:46 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

The Social Security Article is one of the few that is excluded from the Saving Clause. That clause usually catches US citizens who are non US resident. However, because the Article covering SS is...
Forum: USA
Jan 26th 2016, 3:40 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

A UK state pension paid to a US tax resident in only taxable in the US. It should be entered on line 16 of the 1040 as a foreign pension. You can also file a substitute 1099-R on form 4852 as you...
Forum: USA
Dec 5th 2015, 8:05 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

If you take this UK pension lump sum in a single amount there won't be any UK tax due as long as you make the correct treaty claim, but it will be fully taxable as income in the US.
Forum: USA
Dec 5th 2015, 8:02 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

No. It is not possible to move funds from a UK pension plan to a US retirement plan.
Forum: USA
Dec 3rd 2015, 9:54 am
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

You will have to ask the company about whether you qualify for the DB plan. I assume that you are managing your 401k and have investigated the IRA rollover options.
Forum: USA
Dec 1st 2015, 2:31 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

If you are a US tax resident and a non-UK resident then US SS and other US pensions and UK state pension and other UK pensions are only taxable in the US.

You should make sure you either file a...
Forum: USA
Nov 26th 2015, 1:39 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

Voluntary UK NICs are not counted for WEP under GN 00307.290 C.5.b


https://secure.ssa.gov/apps10/poms.nsf/lnx/0200307290
Forum: USA
Oct 22nd 2015, 1:33 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

Bureaucracy has a function. If you use the forms and procedures required by the system it will help. For international contributions always deal with Benton Park View. I get my bill every May, pay it...
Forum: USA
Oct 21st 2015, 8:23 pm
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

It sounds like HMRC does not have you "on the books" and each year they receive a check from you they have to figure out your eligibility and then send you a receipt. You should file the form at the...
Forum: USA
Oct 21st 2015, 11:49 am
Replies: 1,632
Views: 359,336
Posted By nun

Re: UK state pension and USA social security

This sounds a bit strange to me as I've only ever paid in GBPs. In 1987 I sent the form from NI38 in and initially paid Class 3 NICs. Legislation then made it possible for me to pay Class 2 and I...
Showing results 1 to 25 of 144
 


 
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