Where to record 401K distributions on self assessment forms?

Do you record a 401K distribution (payout) as a foreign pension? (SA106, "Overseas pensions, social security benefits and royalties")

I can't see where else it would be recorded, but I couldn't find anything explicit online.

Thanks, Jonathan

Yes, I think this would be the place, it is whereI report my SS and US pension payments.  I don't have any 401k distributions having rolled it all over to an IRA then subsequently converted it to a Roth IRA, paying US taxes along the way.  Roth distributions are tax free in both countries.

A periodic payment from a US qualified plan is reported as a foreign pension. If you are a US person, you'll always want to pay the tax to HMRC no later than 31 December of the year the payment(s) ae made so there are adequate foreign tax credits to claim in the US.

Do you record a 401K distribution (payout) as a foreign pension? (SA106, "Overseas pensions, social security benefits and royalties")

I can't see where else it would be recorded, but I couldn't find anything explicit online.

Thanks, Jonathan

Do you receive monthly 401(k) distributions or annual? Will you report to HMRC on a calendar year basis if you receive 12 payment in that calendar year? It’ll be my first year of 401(k) distribution, although I receive one payment annually. I think you can report on a calendar year basis, but once you start, you must continue.

I think you can report on a calendar year basis, but once you start, you must continue.

This is what I have done from the start of our return back to England.  Makes it so much easier to simply report the figures from my 1099-R and W-2 (an unqualified pension in the form of a SERP)

Interesting.  How do you alert HMRC that you are electing to file on a calendar year basis? 

Interesting.  How do you alert HMRC that you are electing to file on a calendar year basis?

In section 19 of the SA return under “Any other information “

e.g.

“My wife and I returned to the UK on 8 May 2016, having lived in the USA since 1987. In this return, the 2020 calendar year has been regarded as co-terminus with the 2020/2021 UK tax year since all income will be declared year on year and this method makes the foreign tax credit computation more accurate with UK taxes credited on the US Return in respect of doubly taxed income only.”

Thanks - are there any reference documents available that talk about selection of calendar year rather than UK tax year?

Thanks - are there any reference documents available that talk about selection of calendar year rather than UK tax year?

No idea, our tax account did this from the first year we returned and HMRC have never questioned it. The only time we had a kick back from HMRC was the first year I filed while receiving my OAP (first payment in the February of that year). I recorded the payments received (they come every 4 weeks, not on a calendar month) and reported the sum on my SA, assuming that the payment I received on April 15th was for the following year as the tax year ends April 5th. The DWP does not issue the equivalent of a P60 stating what you received the previous tax year and it turns out that the last payment of the tax year occurs after the end of the tax year. It was no big deal, they simply sent me an amended return with explanation.