Contact UsTreasury FBAR (TD F 90-22.1) and IRS form 8938 filing requirements. I am a dual U.S. / Australian citizen and I have a Superannuation plan in Australia and a Defined Benefit plan in the U.K. Which form(s) am I required to file and which foreign pension plan(s) is required to be reported?
The Superannuation fund accrues investment interest, in which I have no control over the investment portfolio and the account doesn't allow personal contribution. Distribution is not available to me until I reach the lawful retirement age. After currency conversion to U.S. dollars, this fund has a current value of greater than $10,000.00 but less than $50,000.00. Also, if reporting is required for this fund, the tax year ends on June 30. So, unless the fund administrator can provide the value of the account at the end of each calendar year, I would have to guess the value of the fund on December 31. Is that acceptable?
The Defined Benefit plan does not accrue interest and this plan will only pay a defined benefit amount based on a formula including years of service and final salary. This benefit plan is non-contributory and distribution is not available to me until I reach the lawful retirement age.
The Defined Benefit plan does not accrue interest and this plan will only pay a defined benefit amount based on a formula including years of service and final salary. This benefit plan is non-contributory and distribution is not available to me until I reach the lawful retirement age.
Foreign Account Requirements
FBAR
Form 8938
Expatriate Taxes
Superannuation
Foreign Defined Benefit Pension
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Tax Professional Answers
Chuck Heyde, CPA, CGMA
Ah, the superfund .... Well here is the way I see it:
1) Distributions from the fund in the current year (if any) are NON-taxable per Article 18 of the US-Australian Tax Treaty.
2) Accordingly, contributions to the fund are NON-deductible.
3) However, accumulations in the Fund (i.e. interest, dividends, and capital gains) are taxable on Sch B or Sch D. Because there is no exclusion or treaty benefit to exempt US taxation.
4) FBAR - Form TDF 90-22.1 is required to report the highest balance during the year.
5) Statement of Specified Foreign Assets - Form 8938 - Part I "custodial" account is required.
6) IF YOU HAVE A TRUST in your superfund you may also have to file Form 3520 Foreign Trust.
I hope this helps.
Best regards,
Chuck Heyde, CPA, CGMA
www.GEMMS.us
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577 weeks ago
1) Distributions from the fund in the current year (if any) are NON-taxable per Article 18 of the US-Australian Tax Treaty.
2) Accordingly, contributions to the fund are NON-deductible.
3) However, accumulations in the Fund (i.e. interest, dividends, and capital gains) are taxable on Sch B or Sch D. Because there is no exclusion or treaty benefit to exempt US taxation.
4) FBAR - Form TDF 90-22.1 is required to report the highest balance during the year.
5) Statement of Specified Foreign Assets - Form 8938 - Part I "custodial" account is required.
6) IF YOU HAVE A TRUST in your superfund you may also have to file Form 3520 Foreign Trust.
I hope this helps.
Best regards,
Chuck Heyde, CPA, CGMA
www.GEMMS.us