Uk pension filling USA taxes
#16
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Joined: Jan 2022
Posts: 11
Re: Uk pension filling USA taxes
If the total value of your fund is £900 then you have no need to file an FBAR now or for prior years.. And since you had no income you are in full compliance with the IRS. You have no action to take regarding this account.
Keep your eye on the exchange rates and the fund value to make sure that it does not exceed $10,000 when an FBAR would be required. If/when that time comes complete an FBAR each year going forward which will take all of about 30 minutes, or just make sure your CPA does it for you. Is should not cost very much at all.
I would definitely look at making voluntary class 2 contributions, it is the best investment you will ever make, and will be beneficial whether you stay here or go back to the UK. You were smart enough to figure out that you may have had a problem with your pension account (which it turns out that you do not) when many others have no idea about those issues, so do consider yourself smart and not dumb!!!
Keep your eye on the exchange rates and the fund value to make sure that it does not exceed $10,000 when an FBAR would be required. If/when that time comes complete an FBAR each year going forward which will take all of about 30 minutes, or just make sure your CPA does it for you. Is should not cost very much at all.
I would definitely look at making voluntary class 2 contributions, it is the best investment you will ever make, and will be beneficial whether you stay here or go back to the UK. You were smart enough to figure out that you may have had a problem with your pension account (which it turns out that you do not) when many others have no idea about those issues, so do consider yourself smart and not dumb!!!
I'll update in a couple of months how im doing. Thanks guys.
#17
Re: Uk pension filling USA taxes
I thought there was no point pursuing the matter but after looking into it, for an investment of just a few hundred quid a year, I was able to guarantee a half-decent pension from the UK for life! It's possibly one of the best financial deals ever!