Foreign Pension Plan Erisa In Queens
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FAQ
You don't have to file your UK pension as a Foreign Trust if your employer contributes more than you do. In these cases, if applicable, you only need to report the balance on your FBAR and Form 8938. Additionally, employer contributions and investment growth in qualified retirement plans are typically US tax-exempt.
Some foreign pensions are classified as foreign trusts by the IRS, requiring Form 3520 to report transactions with foreign trusts. For example, UK SIPPs and Australian superannuation funds are often considered foreign trusts by the IRS.
So, do foreign pension plans have to be reported on the FBAR? Generally, yes. The FBAR instructions require you to report all financial accounts; in most cases, foreign pensions are considered financial accounts.
ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans.
Report on line 11500 of your return, in Canadian dollars, the total amount of your foreign pension income received in the tax year. Attach a note to your paper return identifying the type of pension you received and the country it came from. You may be able to claim up to $2,000 on line 31400.
You may have to file multiple forms to report the details of your foreign pension, such as: Form 3520: Required if you have any transactions with a foreign trust. Form 3520-A: Required to be filed by the company that manages your foreign pension. Form 8621: Required if PFIC rules apply.
The FBAR is used to report foreign bank and financial accounts. The term 'financial accounts' is very broad and involves all different types of foreign accounts — including retirement plans.
Foreign retirement is reported on Form 1040 just as if it were a domestic retirement. Noting, that the tax implications of a foreign retirement versus a domestic retirement may be different — but at the end of the day, the retirement income is reported on Form 1040.
ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans.
