Tax - help please?
#1
Forum Regular
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
Thread Starter
Joined: Sep 2008
Location: St Louis
Posts: 61
![dzial67 is an unknown quantity at this point](https://britishexpats.com/forum/images/reputation/reputation_balance.gif)
![Default](https://britishexpats.com/forum/images/icons/icon1.gif)
Hi - We moved to St Louis in November 2009 from England and bought a house in August 2010 with the proceeds of selling our house in the UK.
I've just decided to take 25% of my pension as a tax free lump sum which is now sitting in my UK bank account.
I would like to transfer it over to the USA but wanted to check that I wouldn't be liable for any tax in the USA - can someone answer this for me?
I'm not working so I have no income but my wife is.
Thanks for any help
I've just decided to take 25% of my pension as a tax free lump sum which is now sitting in my UK bank account.
I would like to transfer it over to the USA but wanted to check that I wouldn't be liable for any tax in the USA - can someone answer this for me?
I'm not working so I have no income but my wife is.
Thanks for any help
![dzial67 is offline](https://britishexpats.com/forum/images/statusicon/user_offline.gif)
#2
![Default](https://britishexpats.com/forum/images/icons/icon1.gif)
It doesn't matter where the matter is physically deposited. If you have to complete a US tax return you may be liable for US tax on it. Also if you have more than $10k in overseas accounts that has to be declared to the IRS as well.
You need to speak to a tax professional as the answer depends on your particular circumstances.
You need to speak to a tax professional as the answer depends on your particular circumstances.
![lansbury is offline](https://britishexpats.com/forum/images/statusicon/user_offline.gif)
#3
![Default](https://britishexpats.com/forum/images/icons/icon1.gif)
There's a few threads talking about tax and pensions, but it's not a simple subject, lot of variables.
Peter Newton, a member here has answered a lot of tax questions for people in the past, so perhaps you could get in touch with him.
Peter Newton, a member here has answered a lot of tax questions for people in the past, so perhaps you could get in touch with him.
![Bob is offline](https://britishexpats.com/forum/images/statusicon/user_offline.gif)
#4
Lost in BE Cyberspace
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
Joined: May 2010
Location: San Diego, California
Posts: 9,724
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![SanDiegogirl has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![Default](https://britishexpats.com/forum/images/icons/icon1.gif)
I asked exactly the same question a few weeks ago.
While no-one could give a definitive answer, one responder was quite adament that all his enquiries with some pretty shrewd finance consultants, led him to believe that the sum is potentially eligible for US taxation - and with the economy the way it is the IRS is trying to get all the monies it can![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Probably the best thing to do is to presume it will be taxed and then make your decisions.
While no-one could give a definitive answer, one responder was quite adament that all his enquiries with some pretty shrewd finance consultants, led him to believe that the sum is potentially eligible for US taxation - and with the economy the way it is the IRS is trying to get all the monies it can
![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Probably the best thing to do is to presume it will be taxed and then make your decisions.
![SanDiegogirl is offline](https://britishexpats.com/forum/images/statusicon/user_offline.gif)
#5
BE Enthusiast
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
![](https://britishexpats.com/forum/images/ranks/star.gif)
Joined: Jul 2003
Location: New York City
Posts: 611
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_pos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![Peter Newton has a reputation beyond repute](https://britishexpats.com/forum/images/reputation/reputation_highpos.gif)
![Default](https://britishexpats.com/forum/images/icons/icon1.gif)
Hi - We moved to St Louis in November 2009 from England and bought a house in August 2010 with the proceeds of selling our house in the UK.
I've just decided to take 25% of my pension as a tax free lump sum which is now sitting in my UK bank account.
I would like to transfer it over to the USA but wanted to check that I wouldn't be liable for any tax in the USA - can someone answer this for me?
I'm not working so I have no income but my wife is.
Thanks for any help
I've just decided to take 25% of my pension as a tax free lump sum which is now sitting in my UK bank account.
I would like to transfer it over to the USA but wanted to check that I wouldn't be liable for any tax in the USA - can someone answer this for me?
I'm not working so I have no income but my wife is.
Thanks for any help
Unfortunately, the US generally taxes pension lump sums even though the UK does not
![Sad](https://britishexpats.com/forum/images/smilies/sad.gif)
This is one of the most unfair aspects of the US/UK tax treaty!
![Peter Newton is offline](https://britishexpats.com/forum/images/statusicon/user_offline.gif)