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Topic: Reporting an IRA Distribution on UK Tax Form  (Read 4892 times)

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Re: Reporting an IRA Distribution on UK Tax Form
« Reply #15 on: January 17, 2013, 10:12:32 PM »
I think the program just calculates the 'discount' automatically - enter the 100% where required and try looking to see if it's only the 90% that's carried forward to the bottom of the foreign pages, or to the grand total of income (that's what Taxcalc does and it pretty much mirrors the HMRC). If they give you the long summary of how they calculate your tax, you'll see where they multiply the amount reported by .9


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Re: Reporting an IRA Distribution on UK Tax Form
« Reply #16 on: January 17, 2013, 10:13:19 PM »
HMRCs free software does not cope with every kind of income or form. You can file using it by the deadline and then amend (repair) it later (or indeed the same day) on paper. Alternatively you could use a dually US/UK qualified adviser to prepare this for you using professional software.


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Re: Reporting an IRA Distribution on UK Tax Form
« Reply #17 on: January 17, 2013, 11:24:57 PM »
Marty: Unfortunately the program does not calculate the 'discount' automatically. I tried entering the full amount amount of the distribution into the program and the tax was based on that amount. No discount.

Guya is probably correct on the limitatations of the program.

I may just enter 90% of distribution into the amount field and explain it in the white space.

John
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