Re: Pension/Trust
No pm's please.
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Re: Pension/Trust
Originally Posted by Hotscot
(Post 12664473)
No pm's please.
*UK employer work pension plan (defined contribution plan)/ dormant (under $900 / my employer contributions were higher than my contributions this was confirmed by viewing my pension online ) *UK bank account - (under $100, no interest) Last year I filed a FBAR as my bank account was a bit over the $10k I noted my pension on this as well. |
Re: Pension/Trust
It doesn't look like you have a trust. Unless I'm missing something.
Why are you stressed? It looks like you've nothing, non-US, to report. |
Re: Pension/Trust
Originally Posted by Hotscot
(Post 12664507)
It doesn't look like you have a trust. Unless I'm missing something.
Why are you stressed? It looks like you've nothing, non-US, to report. Apologies to any users I messaged asking for advice, US taxes are new to me and I want to ensure all is correct. Sorry to cook_county and theOAP for messaging for advice I view both of you as great experts with a wealth of knowledge and appreciate all the support you provide users on here. Lastly a big thank you to yourself hotscot for all the help you have provided it really is much appreciated I guess for clarity am I correct in saying my UK pension comes into play every year on a schedule B part3, on a FBAR and 8938 (when applicable) and most definitely when I retire and withdraw from it. With regards to my first year taxes (last year) any contributions made to my pension plan before I became a US resident/moved across the pond are not noted on taxes, is this correct?? |
Re: Pension/Trust
Originally Posted by dee98
(Post 12664519)
I guess for clarity am I correct in saying my UK pension comes into play every year on a schedule B part3, on a FBAR and 8938 (when applicable) and most definitely when I retire and withdraw from it.
With regards to my first year taxes (last year) any contributions made to my pension plan before I became a US resident/moved across the pond are not noted on taxes, is this correct?? Comes into play...not sure what you mean but I think you're not taking any income from it currently? If you're not I don't think you need to report it even if it's generating interest/dividends inside the pension wrapper. (Unless it reaches FBAR/FATCA thresholds.) Pension contributions not noted. |
Re: Pension/Trust
Originally Posted by Hotscot
(Post 12664556)
Comes into play...not sure what you mean but I think you're not taking any income from it currently? If you're not I don't think you need to report it even if it's generating interest/dividends inside the pension wrapper. (Unless it reaches FBAR/FATCA thresholds.)
Pension contributions not noted. On my year 1 taxes in reference to my pension I noted my pension on the FBAR I assume that was correct and all required for year one? Thank you once again mate! |
Re: Pension/Trust
FBAR and if you were a tax resident in Year 1 and if it reached the threshold, yes.
(I don't think you need to report on Schedule B until you actually take income from it.) |
Re: Pension/Trust
Originally Posted by Hotscot
(Post 12664561)
FBAR and if you were a tax resident in Year 1 and if it reached the threshold, yes.
(I don't think you need to report on Schedule B until you actually take income from it.) Yeah when I mentioned schedule B I meant I will always complete part 3 for foreign accounts since I have a bank account and pension and answer the Fbar question as it applies and no to the trust question since I do not have a trust. |
Re: Pension/Trust
It's nothing...:o
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