Form 8854 Questions
#1
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Joined: Feb 2021
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Form 8854 Questions
I have read a few good posts here, but had a few questions to confirm some things:
1. Question 7 - Pensions from services performed outside the United States - retirements accounts setup with balances, before moving to USA are exempt and should not appear in the balance sheet?
2. 401(k) accounts should be declared in the balance sheet on Question 6 - Pensions from services performed in the United States correct ?
3. Enter your U.S. income tax liability - Is it on the 1040, which line exactly?
4. Assuming expatriation was in this year 2021, and it was non-covered (assets below 2 million etc) - then in 2022 I would complete and mail the 2021 tax return 1040, attach 8854 with balance sheet, send a copy of the 8854 to the Department of the Treasury in Philadelphia, mail the state return in, and then that is it? There would be no Annual Expatriation Statement to send in following years correct?
1. Question 7 - Pensions from services performed outside the United States - retirements accounts setup with balances, before moving to USA are exempt and should not appear in the balance sheet?
2. 401(k) accounts should be declared in the balance sheet on Question 6 - Pensions from services performed in the United States correct ?
3. Enter your U.S. income tax liability - Is it on the 1040, which line exactly?
4. Assuming expatriation was in this year 2021, and it was non-covered (assets below 2 million etc) - then in 2022 I would complete and mail the 2021 tax return 1040, attach 8854 with balance sheet, send a copy of the 8854 to the Department of the Treasury in Philadelphia, mail the state return in, and then that is it? There would be no Annual Expatriation Statement to send in following years correct?
Last edited by golfer0; Feb 20th 2021 at 9:49 pm.
#2
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,855
Re: Form 8854 Questions
I have read a few good posts here, but had a few questions to confirm some things:
1. Question 7 - Pensions from services performed outside the United States - retirements accounts setup with balances, before moving to USA are exempt and should not appear in the balance sheet?
2. 401(k) accounts should be declared in the balance sheet on Question 6 - Pensions from services performed in the United States correct ?
3. Enter your U.S. income tax liability - Is it on the 1040, which line exactly?
4. Assuming expatriation was in this year 2021, and it was non-covered (assets below 2 million etc) - then in 2022 I would complete and mail the 2021 tax return 1040, attach 8854 with balance sheet, send a copy of the 8854 to the Department of the Treasury in Philadelphia, mail the state return in, and then that is it? There would be no Annual Expatriation Statement to send in following years correct?
1. Question 7 - Pensions from services performed outside the United States - retirements accounts setup with balances, before moving to USA are exempt and should not appear in the balance sheet?
2. 401(k) accounts should be declared in the balance sheet on Question 6 - Pensions from services performed in the United States correct ?
3. Enter your U.S. income tax liability - Is it on the 1040, which line exactly?
4. Assuming expatriation was in this year 2021, and it was non-covered (assets below 2 million etc) - then in 2022 I would complete and mail the 2021 tax return 1040, attach 8854 with balance sheet, send a copy of the 8854 to the Department of the Treasury in Philadelphia, mail the state return in, and then that is it? There would be no Annual Expatriation Statement to send in following years correct?
Last edited by tht; Feb 20th 2021 at 10:29 pm.
#3
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Joined: Feb 2021
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Re: Form 8854 Questions
To clarify, I am a green card holder who is long term, more than 8 years. I have a retirement account since before coming to US. That account should not be reported?
Last edited by golfer0; Feb 21st 2021 at 12:06 am.
#4
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,855
Re: Form 8854 Questions
Have you not reported it in the last 8 years on your tax returns or FBAR?
There are other posters here who have much more experience, but from other threads it seems like a lot also depends on what type of “retirement account” it is... you will probably need to give more details for anyone to be able to help.
#5
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Re: Form 8854 Questions
Hello, are there any experts who can confirm? In particular the first point is a true statement? Any reference? Thanks.
#6
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Re: Form 8854 Questions
And the income tax liability is the extra (Check) amount to be forwarded to the IRS?