I'll be purchasing a life annuity, (no surrender value) with 100% of my U.K personal pension. This will be done directly between my existing personal pension provider and the new annuity provider.
As far as the 1040 is concerned, do I need to report the existing pension plan distribution amount on line 5a, (tax free line)?
I'll report any annuity income for the year on line 5b, (taxable amount)?
For the 8938, I'll report the full distribution of my existing pension on part VI, & check box 31c (as there is no tax item reported in Part III)
Where do I report the retirement annuity on 8938, would this be classed as a Foreign Deposit and Custodial Account so complete Part V. Or Other Foreign Asset, thus completing Part VI?
Thanks!
