Tax help (foreign pension)

[Frankie72]

I moved to the US in early-mid 2017, I was looking at my 2017 return and questioning whether I need to do an amended return. When doing 1st year US taxes (2017) I was still waiting for my green card. We were advised to elect the statement that we are both married and elect to be elected as US residents for the year for tax purposes,(I met the substantial presence test too). I didn't note pension contributions as I assumed it was only noted when withdrawing at retirement age (I am not of retirement age) I did do an FBAR and included my UK bank account and UK pension for last year though.

I did not meet the filing threshold for an 8938

UK pension Overview:
* Auto-enrolled employer pension
* Contributed to it in 2017 (minimum% from my paycheck and my employer matched/contributed to it too)
* Employer contributed more to my pension for than my personal contributions.


Looking to understand and receive advice on:
*Am I correct in saying this type of pension is not a trust as my employer contributed to it more than I did, thus being a non qualified UK employer pension.
* Was I required to note my pension contributions and if so what specific form should be used

I am not great with taxes and doing my best in learning more to make it easier going forward, I feel very stressed and worried about it all right now. I feel like I have this year's taxes right though concerned as I want to ensure all is correct before sending away this years return and the deadline is soon approaching.

Should I file an amended return for last year.

 

[davew9128]

Honestly this is one of those situations where you should hire someone to review the law. While the UK tax treaty allows pensions to be considered qualified for US purposes, there are instances where it could be considered a trust or even a PFIC under the right circumstances.

 

[Frankie72]

Honestly this is one of those situations where you should hire someone to review the law. While the UK tax treaty allows pensions to be considered qualified for US purposes, there are instances where it could be considered a trust or even a PFIC under the right circumstances.

With all the information I provided do you feel it could be one or the other? I read that if my contributions we're higher than my employer then it would be a grantor trust though as this is not the case I assume it is not a trust?

I have contacted 5 CPA's and have received no response as they are probably busy with tax season

I am trying to file this year's tax and need to know this answer for schedule B part 3. My understanding is that it is not a trust ...my UK pension has under $1k in it and my employer contributed more than I did.

I am not trying to withdraw from it, I am curious if I were to note my contributions from it for 2017 what form what that be noted on ..a 1040?

 

[STEPHAN]

Ask them again after April 15th.

 

[Frankie72]

As them again after April 15th.

What do you mean?

 

[STEPHAN]

Do not expect an answer before April 15th.

 

[LdiJ]

With all the information I provided do you feel it could be one or the other? I read that if my contributions we're higher than my employer then it would be a grantor trust though as this is not the case I assume it is not a trust?

I have contacted 5 CPA's and have received no response as they are probably busy with tax season

I am trying to file this year's tax and need to know this answer for schedule B part 3. My understanding is that it is not a trust ...my UK pension has under $1k in it and my employer contributed more than I did.

I am not trying to withdraw from it, I am curious if I were to note my contributions from it for 2017 what form what that be noted on ..a 1040?

If you have not filed this year's tax return yet, then file for an extension. This will give you extra time (until October 15th if necessary) to get the return taken care of. If you need to amend last year's return it won't make any difference if you do it now or two months from now.

You really need a professional to go over things with you and its going to be difficult to get anyone until after April 15th.

 

[davew9128]

You need to understand that the time demands and stress level of a tax professional in the US increase exponentially as you get closer to the April 15 deadline. Nobody is going to take on a project that requires research and review of a treaty of this nature and do it right this minute. The mental demands and concentration necessary can't be spared without harming existing clients expecting to have their work done timely.