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SIPP and forms 3520A and 3520

SIPP and forms 3520A and 3520

Old Apr 1st 2019, 3:50 pm
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Default SIPP and forms 3520A and 3520

Hi All,
I am now well on the way through my K1 visa application and have as part of this just sold my UK house and will be continuing to watch the $/£ rate with close interest.

I have a Final Salary Pension ( defined benefit) which I am clear on but having spent a few hours reading about SIPPS I am unclear re the status of my SIPP, which is in drawdown having taken the 25% Tax free lump sum . I have so far had inaccurate ( and costly) at best advice re the 25% Tax free lump sum (which I fortunately was able to take last year when I was not a US resident ).
It seems some people argue that a SIPP is covered under the US/UK tax treaty and not a trust and others say it is a trust and complete forms 3520A and 3520. I haven't been able find any IRS position statements on SIPP and Trust status/ reporting and so has anyone else found one. I would be keen to learn what others have reported/ which forms you fill in relation to your SIPP . I will have a decent amount of mainly cash in the UK so known form 8938 and FBAR are required. Advice very welcome !
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Old Apr 1st 2019, 3:59 pm
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Default Re: SIPP and forms 3520A and 3520

Are you currently a US tax resident?
Are you in Minnesota?

It seems from your questions, and that you've had conflicting responses in the past, that you should seek the services of a tax pro.
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Old Apr 1st 2019, 4:06 pm
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Default Re: SIPP and forms 3520A and 3520

Thanks Hotscot,
I am currently not a US resident but I will become one when I marry in the Autumn back dated to Mid February and will live in Kansas City MO . I so far have tried 2 US CPA firms both claiming to be experts and the first reversed their position on the 25% lump sum and the other was glacially slow to respond. I would welcome any recommendation on a competent firm to work with.
Thanks
James
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Old Apr 1st 2019, 4:15 pm
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Default Re: SIPP and forms 3520A and 3520

This place seems to cover it...
But perhaps the lump sum is throwing a spanner...

https://www.greenbacktaxservices.com...n-us-expat-uk/
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Old Apr 1st 2019, 4:40 pm
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Default Re: SIPP and forms 3520A and 3520

You are describing an entity that sounds 100% like a foreign grantor trust.
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