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UK state pension and USA social security

UK state pension and USA social security

Old Nov 11th 2020, 2:20 pm
  #1681  
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Default Re: UK state pension and USA social security

Well I do not type well on my phone, I guess where I am coming from is that you would need to know all your contributions over decades, to offset what the value of those contributions are now in a scheme where that data is unlikely to be recorded/available.
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Old Nov 12th 2020, 12:37 pm
  #1682  
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Default Re: UK state pension and USA social security

Originally Posted by durham_lad View Post
They pay me on a 1099R as well. The company I joined was a Joint Venture (JV) company owned jointly by 2 large chemical companies and the JV is a legal entity LLC in its own right that owns no assets and makes no profit as the profits generated go to the joint owners. I worked for one of the owners and as an enticement for me to join the JV, where I had been on secondment for 3 years, they offered to sponsor my green card application plus count my date of service with them as the same date of my joining the parent company. This meant that on joining I already had 9 years towards my vacation allowance plus 9 years counted towards their pension plan. When I retired they calculated my pension as if I had been on their payroll for 9 years longer than I had, but for legal reasons they couldn't expect their pension plan to simply fork out more money so they make up the difference by paying me directly, and that has to be reported on a W2. It is a sweet deal as their early retirement rules used to use the "80 points" calculation where once your age plus years of service equals 80, and you are at least aged 55, then you are able to retire on a reduced pension, so my 80 points came up at age 55 instead of 58.

Consequently I get my regular, qualified, pension paid through the pension plan and reported on a 1099R plus a much smaller unqualified pension paid through their payroll system and reported on a W2.
Thank you for the detailed explanation. I never cease to be amazed by how complicated this can all be.
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Old Nov 12th 2020, 1:38 pm
  #1683  
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Default Re: UK state pension and USA social security

Originally Posted by Anne Elliot View Post
Thank you for the detailed explanation. I never cease to be amazed by how complicated this can all be.
To add to the complexity, this company is a Louisiana company and all W2 reported income is subject to Louisiana State income tax no matter where you reside and the mandatory withholding each year is about double what I actual should be paying so I have to file a Louisiana income tax return every year to get back about $300 of overpaid tax.

Each year I have to file an HMRC self assessment for myself and one for my wife, a joint IRS tax return, a joint Louisiana income tax return plus file an FBAR for both myself and my wife.
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