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Topic: social security and US & UK pensions  (Read 449 times)

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social security and US & UK pensions
« on: January 21, 2011, 04:02:12 PM »
Thanks a lot! There's a lot of need for more tax preparers who know both US and UK rules.

I'm single, no dependents, have received US social Security and a UK pension for the last 2 years (along with a small amount of excludible income that's not a problem).
I declare the social security on my UK return and pay uk tax on it. I declare the UK pension on my US return. It's been low enough that I haven't owed US tax.

In 2011 in addition to the above I will also start receiving larger distributions from my US pension fund. What is going to be the best way to treat all of this? Should I do Social security and US pension first on a US return and take a tax credit on the UK return? or the reverse?

 Also, all of the contributions on the US pension were made before 1996 when I moved to the UK (although they were all pre-taxed). Is all of the US pension distribution taxable to the UK or only the increase in value since 1996 (nothing of it was ever remitted here).


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