UK Pension when in US

Hi all,

Me and my wife are US based

I have a UK pension that is about under $1k I noted it on my FBAR last year as I was required to file an FBAR.

This year I do not meet the requirements to file a FBAR, regarding my UK pension am I correct in saying this will be noted on my taxes when I am of age to retire and start to withdraw from it? Though as I do not have foreign assets over $100k at anytime of the year I would be right in saying I do not meet the filing threshold for the 8938.

I am aware I will need to complete a schedule B part 3 each year as I have a UK pension and bank account.

Doing taxes is not fun!

I was wondering if anyone knew from what I wrote in my prior post if it was correct regarding that pension scenario?

Hi all,

Me and my wife are US based

I have a UK pension that is about under $1k I noted it on my FBAR last year as I was required to file an FBAR.

This year I do not meet the requirements to file a FBAR, regarding my UK pension am I correct in saying this will be noted on my taxes when I am of age to retire and start to withdraw from it? Though as I do not have foreign assets over $100k at anytime of the year I would be right in saying I do not meet the filing threshold for the 8938.

I am aware I will need to complete a schedule B part 3 each year as I have a UK pension and bank account.

That all sounds correct.

Cheers durhamlad,

I want to ensure I had it correct before we wrapped up our taxes.

If you are familiar with the 1040 schedule B I note I would list my US bank account interest.

On part 1, question 1 I would list the interest and for q2 it would be 0. I understand you subtract line 3 from 2 which would result in a negative number for line 4 though from the example online I saw line 4 was not a negative number?

Additionally, the form 8833 is this a form that USC or residents living outside the US would complete each tax year when earning income outside the US so they are not double-taxed?

Am I correct in saying for a foreign pension that was (employer pension plan/ auto-enrolled) If your personal contributions did not exceed the employer contributions it would not be considered a trust. (I had the bare minimum).....trying to ensure I got schedule B part 3 correct here

If I am confusing things I apologise, feel free to step in and correct me anyone!

Cheers durhamlad,

I want to ensure I had it correct before we wrapped up our taxes.

If you are familiar with the 1040 schedule B I note I would list my US bank account interest.

On part 1, question 1 I would list the interest and for q2 it would be 0. I understand you subtract line 3 from 2 which would result in a negative number for line 4 though from the example online I saw line 4 was not a negative number?

Additionally, the form 8833 is this a form that USC or residents living outside the US would complete each tax year when earning income outside the US so they are not double-taxed?

Am I correct in saying for a foreign pension that was (employer pension plan/ auto-enrolled) If your personal contributions did not exceed the employer contributions it would not be considered a trust. (I had the bare minimum).....trying to ensure I got schedule B part 3 correct here

If I am confusing things I apologise, feel free to step in and correct me anyone!

Note that I am not a tax pro. I can use TurboTax and that is about the extent of my knowledge.

I have never reported an interest value of “0” on Schedule B, so not sure why you are reporting it all. AFIK the only time you would report a foreign bank account on an IRS return with zero interest/income from it is if you have had to report it on form 8938, but you say you don’t make those limits.

I don’t know when 8833 would be filed.

My understanding from seeing others discuss it is that if you have an employer pension plan and you contribute less to it than your employer then is not reportable as a foreign grantor trust.