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Tax & Savings Advice

Tax & Savings Advice

Old Jul 14th 2007, 9:16 pm
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Hey wonder if you guys can possibly help - been working here on secondment and now have a chance at a permanent role. Couple of issues that are going around my head that I'm interested in getting an independent response to:-

> What happens with regards to pensions (401k) etc... should you decide to leave and return to UK can they be rolled into a UK Plan or do they have to remain held in US

> If I decided to rent out my UK property - do I have to declare that as income over here despite the fact it will not enter my US accounts at all. Same with savings being held in UK - do they require to be declared.

I realise my company will assist me in these answers also but it can help to see if their answers match with some of the advice hopefully you guys can give.

Thanks
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Old Jul 14th 2007, 9:28 pm
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Default Re: Tax & Savings Advice

Do not know about the 401, but I doubt you could transfer without it being a taxable event.

As a US Resident you declare your worldwide income.
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Old Jul 14th 2007, 9:47 pm
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Default Re: Tax & Savings Advice

Originally Posted by monk09 View Post
Hey wonder if you guys can possibly help - been working here on secondment and now have a chance at a permanent role. Couple of issues that are going around my head that I'm interested in getting an independent response to:-

> What happens with regards to pensions (401k) etc... should you decide to leave and return to UK can they be rolled into a UK Plan or do they have to remain held in US

> If I decided to rent out my UK property - do I have to declare that as income over here despite the fact it will not enter my US accounts at all. Same with savings being held in UK - do they require to be declared.

I realise my company will assist me in these answers also but it can help to see if their answers match with some of the advice hopefully you guys can give.

Thanks
Welcome to BE.

I don't think you can roll a 401K into a UK plan. For one reason US tax has been deferred on the contributions.

You must declare all overseas accounts containing $10K or more. All interest from any overseas accounts and all overseas income must be declared to the IRS.

Last edited by Jerseygirl; Jul 14th 2007 at 9:52 pm.
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Old Jul 15th 2007, 1:00 am
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Default Re: Tax & Savings Advice

Originally Posted by monk09 View Post
Hey wonder if you guys can possibly help - been working here on secondment and now have a chance at a permanent role. Couple of issues that are going around my head that I'm interested in getting an independent response to:-

> What happens with regards to pensions (401k) etc... should you decide to leave and return to UK can they be rolled into a UK Plan or do they have to remain held in US

> If I decided to rent out my UK property - do I have to declare that as income over here despite the fact it will not enter my US accounts at all. Same with savings being held in UK - do they require to be declared.

I realise my company will assist me in these answers also but it can help to see if their answers match with some of the advice hopefully you guys can give.

Thanks
Welcome to BE and I agree with JG but your best bet is to talk to the 401K plan people about transfering and the likes.

OH's 401K is full transferable, i.e. he can continue to pay into it even if he leaves the country.

Go see an independent advisor thats your best bet or for starters check out Lloyds TSB Overseas on line they have sope fairly good advice.
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