fbk300

Old Jun 1st 2012, 6:53 pm
  #1  
Just Joined
Thread Starter
 
Joined: Jun 2012
Location: London
Posts: 2
fbk300 is an unknown quantity at this point
Default fbk300

TAX QUESTION!! I am originally a UK citizen, and took US citizenship in 2000, and have moved back to the UK. I applied for my TIAA/CREF pension to be paid me as a lump sum, and they taxed it at 30%. My belief is it should be taxed at 20% as I am a US citizen. TIAA seems a bit clueless on this one. Any advice very gratefully received. I have just found this website by trying to find out about the tax situation. Thanks!
fbk300 is offline  
Old Jun 1st 2012, 8:31 pm
  #2  
Sue
BE Co-Founder
 
Sue's Avatar
 
Joined: Feb 2000
Location: Florida
Posts: 25,928
Sue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond repute
Default Re: fbk300

Hi and welcome to BE. I don't have a clue about your situation, but I'm going to move your thread to our USA forum for you and hopefully the members who hang out in that section can give you some pointers.
Sue is offline  
Old Jun 1st 2012, 11:32 pm
  #3  
Just Joined
Thread Starter
 
Joined: Jun 2012
Location: London
Posts: 2
fbk300 is an unknown quantity at this point
Default Re: fbk300

Many thanks!
fbk300 is offline  
Old Jun 2nd 2012, 1:42 pm
  #4  
nun
BE Forum Addict
 
nun's Avatar
 
Joined: Aug 2004
Posts: 4,722
nun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond repute
Default Re: fbk300

Originally Posted by fbk300 View Post
TAX QUESTION!! I am originally a UK citizen, and took US citizenship in 2000, and have moved back to the UK. I applied for my TIAA/CREF pension to be paid me as a lump sum, and they taxed it at 30%. My belief is it should be taxed at 20% as I am a US citizen. TIAA seems a bit clueless on this one. Any advice very gratefully received. I have just found this website by trying to find out about the tax situation. Thanks!
Did you fill in a W4-P?

It sounds as if TIAA/CREF have withheld 30% because it's a foreign payment and you are correct that they should not have done that because you are a US citizen, but you will be able to claim any excess back at tax time. As a UK/US dual citizen resident in the UK you will also be liable to UK tax on your US annuity payment. This is a complex situation, but you should start by calling TIAA/CREF and explaining that you are a US citizen and not subject to the 30% withholding.
nun is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.