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Tax Help (stressed out)

Tax Help (stressed out)

Old Apr 17th 2019, 4:10 pm
  #91  
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Default Re: Tax Help (stressed out)

You're correct.

Are you filing forms by hand

Get Turbo Tax and streamline it. You don't need that level of granularity.
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Old Apr 17th 2019, 4:21 pm
  #92  
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Default Re: Tax Help (stressed out)

Yeah I use TT, im just a bit too meticulous times and go over the doc.
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Old Apr 17th 2019, 4:28 pm
  #93  
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Default Re: Tax Help (stressed out)

Originally Posted by dee98 View Post
Yeah I use TT, im just a bit too meticulous times and go over the doc.

Understood.
I feel you'd also be well served by learning how to use the Google search service.
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Old Apr 17th 2019, 4:28 pm
  #94  
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Default Re: Tax Help (stressed out)

Originally Posted by dee98 View Post

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!
correct, the answer is “No” to part3 q8
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Old Apr 17th 2019, 4:34 pm
  #95  
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Default 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.
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Old Apr 17th 2019, 4:41 pm
  #96  
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Default Re: Tax Help (stressed out)

Originally Posted by Hotscot View Post
Dee has been told about 20 times that no, he does not have a Grantor Trust.
Yet he keeps asking.
His name is Dee98 so maybe that is because he has to repeat himself 98 times, over multiple forums no less.
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Old Apr 17th 2019, 4:41 pm
  #97  
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Default Re: Tax Help (stressed out)


He's a character..

Last edited by Hotscot; Apr 17th 2019 at 4:46 pm.
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Old Apr 17th 2019, 4:46 pm
  #98  
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Default 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.

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Old Apr 17th 2019, 4:48 pm
  #99  
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Default Re: Tax Help (stressed out)

Originally Posted by dee98 View Post
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.
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Old May 21st 2019, 10:32 am
  #100  
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Default 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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Old Jun 7th 2019, 7:56 pm
  #101  
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Default Re: Tax Help (stressed out)

Originally Posted by Sydneycl View Post
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.
Where in the UK treaty are you finding that a UK state pension is exempt from US taxes for a US resident?
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Old Jun 8th 2019, 12:54 am
  #102  
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Default Re: Tax Help (stressed out)

Originally Posted by Sydneycl View Post
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.
Wrong! Very very wrong!!!

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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