British Expats

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-   -   Pension/Trust (https://britishexpats.com/forum/usa-57/pension-trust-923743/)

Hotscot Apr 1st 2019 9:09 pm

Re: Pension/Trust
 
No pm's please.

dee98 Apr 1st 2019 9:46 pm

Re: Pension/Trust
 

Originally Posted by Hotscot (Post 12664473)
No pm's please.

Hi Hotscot no problem, here is an overview below

*​​​​​​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.


Hotscot Apr 1st 2019 9:58 pm

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.

dee98 Apr 1st 2019 10:25 pm

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.

I started to second guess because cook county mentioned a list of docs when I messaged him... though to look back I was unsure if they were covering all that I should review or that were applicable in my situation. Though from speaking with you I assume it is not a trust and I should not of assumed.

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??
​​​​​​

Hotscot Apr 2nd 2019 1:08 am

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.

dee98 Apr 2nd 2019 1:13 am

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.

Brilliant thank you very much Hotscot, what I meant was when it gets noted in the future .I guess going forward for US taxes I will remember to refer to it when doing schedule B part 3 and will always include it on the Fbar in any future year that requires a FBAR!

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!

Hotscot Apr 2nd 2019 1:35 am

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.)

dee98 Apr 2nd 2019 2:03 am

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.)

Thanks again Hotscot you are a legend! :thumbsup:

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.


Hotscot Apr 2nd 2019 2:05 am

Re: Pension/Trust
 
It's nothing...:o


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