FBAR fubar!!
Mar 31st 2019, 5:34 pm
#16
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Re: FBAR fubar!!
Thanks again; what would you term 'substantial' Hotscot? It's not like I'm into six figures or more or anything crazy - sadly after 50 odd years 
I was also wondering if there is a definitive ruling on interest from ISA's? I mean they are retirement accounts in the UK so not taxed, how do the IRS view them? Also one account is an instant access saver where the interest has already been taxed by the UK; do the IRS care about that? Not that the amount is much, but hey as they advert used to say "Every little helps"!
I was also wondering if there is a definitive ruling on interest from ISA's? I mean they are retirement accounts in the UK so not taxed, how do the IRS view them? Also one account is an instant access saver where the interest has already been taxed by the UK; do the IRS care about that? Not that the amount is much, but hey as they advert used to say "Every little helps"!
Mar 31st 2019, 5:41 pm
#17
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Re: FBAR fubar!!
Substantial is about as long as a piece of string.
IRS doesn't recognize tax advantaged aspect of ISA's. Just another account to them. Interest is normal income.
If you've already been taxed on anything in the UK you can research 'tax credits'.
IRS doesn't recognize tax advantaged aspect of ISA's. Just another account to them. Interest is normal income.
If you've already been taxed on anything in the UK you can research 'tax credits'.
Mar 31st 2019, 6:53 pm
#18
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Re: FBAR fubar!!
cheers
Mar 31st 2019, 8:31 pm
#19
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Re: FBAR fubar!!
I agree that ISAs are not recognized as retirement accounts by the IRS. I don’t think they are recognized as such by HMRC either, they are a savings vehicle.
Mar 31st 2019, 10:05 pm
#20
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Re: FBAR fubar!!
Tax free component makes it different from regular savings though...but yes it's not specifically a 'retirement' account even though you can use it like that if you wish.
Last edited by Hotscot; Mar 31st 2019 at 10:15 pm.
Apr 1st 2019, 4:45 pm
#22
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Re: FBAR fubar!!
Even the tax free element of a Cash ISA is very diluted after the tax change of a couple of years ago since nowadays the first £1,000 of all savings accounts is tax free.
Apr 1st 2019, 5:07 pm
#23
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Re: FBAR fubar!!
Acknowledged.
Even so...
Even so...
Apr 15th 2019, 8:28 pm
#24
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Re: FBAR fubar!!
Do we declare interest from uk bank accounts on the 1099-INT?
Apr 15th 2019, 8:47 pm
#26
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Re: FBAR fubar!!
thanks! And what about my UK pension? (a few hundred pound of interest)
Apr 15th 2019, 9:08 pm
#28
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Re: FBAR fubar!!
Who knows.
Would need to see your return rather than guessing.
Would need to see your return rather than guessing.
Apr 15th 2019, 9:11 pm
#30
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Re: FBAR fubar!!
Yes, but changing one thing can have a knock on effect by changing other things.
If you have further questions can I suggest, friendly-like, that you start a specific thread, rather than mixing them in with other existing threads?
Helps keep track of things.
If you have further questions can I suggest, friendly-like, that you start a specific thread, rather than mixing them in with other existing threads?
Helps keep track of things.
Last edited by Hotscot; Apr 15th 2019 at 9:17 pm.
