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Re: Tax Help (stressed out)
You're correct.
Are you filing forms by hand:confused: Get Turbo Tax and streamline it. You don't need that level of granularity. |
Re: Tax Help (stressed out)
Yeah I use TT, im just a bit too meticulous times and go over the doc. :o
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Re: Tax Help (stressed out)
Originally Posted by dee98
(Post 12672336)
Yeah I use TT, im just a bit too meticulous times and go over the doc. :o
Understood. I feel you'd also be well served by learning how to use the Google search service. |
Re: Tax Help (stressed out)
Originally Posted by dee98
(Post 12672230)
I guess I'm wondering on Sch.B part3 q8 it would be "No" for a dormant pension or a pension that had contributions that was not a grantor trust. I know most US CPA's take the approach that they all are trusts which we know is not true! |
Re: Tax Help (stressed out)
Dee has been told about 20 times that no, he does not have a Grantor Trust.
Yet he keeps asking. |
Re: Tax Help (stressed out)
Originally Posted by Hotscot
(Post 12672347)
Dee has been told about 20 times that no, he does not have a Grantor Trust.
Yet he keeps asking. |
Re: Tax Help (stressed out)
:lol:
He's a character.. |
Re: Tax Help (stressed out)
Sorry guys, I got the gist of it I do understood all about the grantor trust etc now as previously mentioned, I just wanted to ask about the 2nd part of the question that was all if one contributed to a pension it would still be no which you both confirmed.
Cheers for replying durhamlad and hotscot. |
Re: Tax Help (stressed out)
Originally Posted by dee98
(Post 12672361)
Sorry guys, I got the gist of it I do understood all about the grantor trust etc now as previously mentioned, I just wanted to ask about the 2nd part of the question that was all if one contributed to a pension it would still be no which you both confirmed.
Cheers for replying durhamlad and hotscot. You're good, although I don't really know why you seek out these things to worry about. It's a five minute form on Turbo Tax. Even if you make mistakes, as many do, it's unlikely they'll come to light. Ever. |
Re: Tax Help (stressed out)
When it comes to social security benefits in expat income, there are some countries where you are exempt from filing US taxes on the pension, depending on the specific US tax treaty with the country. These include Canada, Ireland, Italy, Germany, UK, Israel, Romania and Egypt. For other countries, the foreign pension distributions are taxable as if they were earned in the US. FATCA requires that for individual returns, the taxes on benefits are payable if your combine income exceeds $25,000. For a joint tax return, such as a couple, benefits are taxable if the combined income exceeds $32,000.
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Re: Tax Help (stressed out)
Originally Posted by Sydneycl
(Post 12694927)
When it comes to social security benefits in expat income, there are some countries where you are exempt from filing US taxes on the pension, depending on the specific US tax treaty with the country. These include Canada, Ireland, Italy, Germany, UK, Israel, Romania and Egypt. For other countries, the foreign pension distributions are taxable as if they were earned in the US. FATCA requires that for individual returns, the taxes on benefits are payable if your combine income exceeds $25,000. For a joint tax return, such as a couple, benefits are taxable if the combined income exceeds $32,000.
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Re: Tax Help (stressed out)
Originally Posted by Sydneycl
(Post 12686750)
When it comes to social security benefits in expat income, there are some countries where you are exempt from filing US taxes on the pension, depending on the specific US tax treaty with the country. These include Canada, Ireland, Italy, Germany, UK, Israel, Romania and Egypt. For other countries, the foreign pension distributions are taxable as if they were earned in the US. FATCA requires that for individual returns, the taxes on benefits are payable if your combine income exceeds $25,000. For a joint tax return, such as a couple, benefits are taxable if the combined income exceeds $32,000.
Husband must include his Canadian Old Age Benefits and his Canadian Forces Pension on his US income tax. Been doing this for 21 years ... wherever have you been getting all this misinformation from? |
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