UK Pension
 

Good Morning BE,
With regards to my UK pension which is dormant and has less than $1k in it I am aware I will need to complete a schedule B part 3 each year as I have a UK pension and bank account.

Additionally, I do not meet the $50k threshold to file a 8938 or even $100k as we file MFJ. Furthemore, I do not meet the requirements to file a FBAR this year.

Regarding my UK pension am I correct in saying going forward this will be noted on my taxes when I retire and start to withdraw from it in addition to any year a FBAR is required??? My plan is a standard UK employer auto-enroll pension scheme.

Hopefully me and the Mrs can get our taxes sorted today after knowing if our understanding of the above is correct. :fingerscrossed:

I appreciate any advice, many thanks :thumbsup:

Re: UK Pension
 

The 8833 is this a form that USC or residents living outside the US would complete each tax year when earning income outside the US so they are not double-taxed?

Am I correct in saying for a foreign pension that was (employer pension plan/ auto-enrolled) If your personal contributions did not exceed the employer contributions it would not be considered a trust. (trying to ensure I got schedule B part 3 correct here)

Re: UK Pension
 

If between your pension and bank account you have more than $10k you submit a FBAR. You are below the threshold for 8938. When you get your UK pension the amount goes on your tax return to the IRS. I'll leave the 8833 to those that know the answer.

Re: UK Pension
 

Thank you, that's what I assumed for all though I'm unsure about the 8833. If anyone could shed some light on this that would be awesome.

Re: UK Pension
 

Dee.

Why do you think 8833 applies to you? (I'm unclear where you are resident.)

Have you also checked if your State recognizes tax treaties?

Re: UK Pension
 

Hi hotscot,

Thanks for the reply, another user mentioned it on a different forum and I felt like it did not apply to me though I just want to.make sure it doesnt ..was my understanding of the form correct? (We reside in the USA)

Does the tax treaty or 8833 affect your state taxes if you are a US resident living in the US? I guess my understanding of it was that it applied to expats living outside the US.

Re: UK Pension
 

From the looks of it, it doesn't apply to you.
Unless you feel that there's some specific scenario that does apply to you.


Where do you live?

Re: UK Pension
 

Hi Hotscot,

Minnesnowta :lol:, if it doesn't apply that's fine I'm just curious to know if it's required or if I should be doing it.

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Re: UK Pension
 

Looks like Minnesota at least recognizes the treaty with the UK.
From what information you've provided I personally see no need to trouble with it.

Re: UK Pension
 

No worries just to confirm is the 8833 was I correct with regards to my understanding of it? I assume if one wanted to elect this you could not file MFJ but would have to MFS.

If this is not required then I rather just continue with me and my wifes joint filing.