US/ UK Taxes?
#1
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Joined: Feb 2008
Posts: 5
US/ UK Taxes?
Anyone have a suggestion for taxes for first year immigrants? I made some in the UK this last year but don't want to get double taxed. Does anyone have know much about the tax treaty between the US and the UK?
#2
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Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: US/ UK Taxes
Does anyone have know much about the tax treaty between the US and the UK?
If you have a retirement fund, that money has to be reported, but I'm not sure what else is involved. If Rete responds, she'll probably be able to answer this more fully, as I believe her husband draws on his Canadian retirement... so she'll have a better idea of what actually happens. I am not yet eligible to draw on my Canadian retirement although I will be eligible in another couple of years.
On the US side of things, I declared my income for the entire year and included both my Canadian and US earnings. Basically, you include your "foreign" income at the beginning of the return, and subtract it out near the end since it has already been taxed... so, again, you avoid double taxation.
Hope this helps.
Ian
#3
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Joined: Feb 2008
Posts: 5
Re: US/ UK Taxes
Thanks- this definitely helps.
~Tracy
~Tracy