Foreign Pension Plan Erisa In Tarrant
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FAQ
ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans.
US Taxation of Canadian Pension Plans For example, while the RRSP is reportable on the FBAR and Form 8938, it is typically not required to be disclosed on the more comprehensive international reporting forms 3520 and 3520-A.
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.
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.
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.
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.
FATCA reporting. Under FATCA, you may need to report your foreign pension on Form 8938, Statement of Specified Foreign Financial Assets, if the total value of your foreign financial assets exceeds certain thresholds. These thresholds vary based on your filing status and whether you live in the US or abroad.
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.
