2020 income conversion rate

Hi, I’m spacing this off and can’t recall where to look this up! Sad, I know.
Does anyone have the information or link?


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Google is your friend.

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

Google is your friend.

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

Thank you kind sir! Seems it’s one of those days when my brain just sh*t down! Lol


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Thank you kind sir! Seems it’s one of those days when my brain just sh*t down! Lol


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No problem, pleased to be able help.

Thank you kind sir! Seems it’s one of those days when my brain just sh*t down! Lol

Figuring out taxes will do that to a person! 

Not that time of year again!

Also, anyone else going to have to claim the recovery rebate credit in their tax return?
I still haven’t received the first round of stimulus, let alone the additional $600. Hopefully this is straightforward enough to do via Turbotax.


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Not that time of year again!

Also, anyone else going to have to claim the recovery rebate credit in their tax return?
I still haven’t received the first round of stimulus, let alone the additional $600. Hopefully this is straightforward enough to do via Turbotax.


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I don't have to do this but TurboTax does appear to handle this. (see screenshot)

Oh jeez.....just cranked up TurboTax.....my favorite time of the year....

Oh jeez.....just cranked up TurboTax.....my favorite time of the year....

I know!!

I have an interesting twist this year.  One of my 2 US pensions is an unqualified pension reported via W2 . In December 2019 I received a letter from my ex-employer stating that per Internal Revenue code 3101, wages including those of a Non-Qualified Deferred Compensation Plan (SERP and non-qualified special arrangements) are subject to FICA tax. Beginning Jan 1st, 2020 all such payments ongoing will have FICA tax rates of 6.25% (SS) and 1.45% (Medicare) applied.

More taxes to Uncle Sam but at least it means my SS will increase each year and the number of years discounting WEP will increase so not all bad. I am already delaying SS until age 70 to maximize survivor payments for my wife and WEP decreases from 20 years of contributions to zero WEP at 30 years. Since I only have 23 years contributions then by the time I start to draw SS I will have 28 years of contributions and 2 years later 30 years.

However, when I look at and import my W2  into TurboTax I see that there are no entries in box 1 and 2  so reported wages, tips and other comp, and no taxes withheld. In fact as it stands there is no income tax on my compensation, JUST FICA taxes. I contacted HR payroll who told me that they passed on the new IRS code change to the payroll provider ADP and this is what has come back. HR payroll are investigating further, and I did say that maybe IRS code 3101 is recognizing that being a UK resident then my SERP is maybe taxable only in the UK.

SERP = Supplemental Executive Retirement Plan and I am  in receipt of a defined benefit SERP
https://www.lexology.com/library/detail.aspx?g=a4475b31-10cb-4712-814e-3d8e74f1aac2

I know!!

I have an interesting twist this year.  One of my 2 US pensions is an unqualified pension reported via W2 . In December 2019 I received a letter from my ex-employer stating that per Internal Revenue code 3101, wages including those of a Non-Qualified Deferred Compensation Plan (SERP and non-qualified special arrangements) are subject to FICA tax. Beginning Jan 1st, 2020 all such payments ongoing will have FICA tax rates of 6.25% (SS) and 1.45% (Medicare) applied.

More taxes to Uncle Sam but at least it means my SS will increase each year and the number of years discounting WEP will increase so not all bad. I am already delaying SS until age 70 to maximize survivor payments for my wife and WEP decreases from 20 years of contributions to zero WEP at 30 years. Since I only have 23 years contributions then by the time I start to draw SS I will have 28 years of contributions and 2 years later 30 years.

However, when I look at and import my W2  into TurboTax I see that there are no entries in box 1 and 2  so reported wages, tips and other comp, and no taxes withheld. In fact as it stands there is no income tax on my compensation, JUST FICA taxes. I contacted HR payroll who told me that they passed on the new IRS code change to the payroll provider ADP and this is what has come back. HR payroll are investigating further, and I did say that maybe IRS code 3101 is recognizing that being a UK resident then my SERP is maybe taxable only in the UK.

SERP = Supplemental Executive Retirement Plan and I am  in receipt of a defined benefit SERP
https://www.lexology.com/library/detail.aspx?g=a4475b31-10cb-4712-814e-3d8e74f1aac2

I'm glad I'm not you. Your's is too damn complicated. As usual....need US phone number/address/credit card for TTax, damn. Only just started really...got my Lloyds interest calculated, one of my 1 year bond interest calculated (and both converted into $). Tried to change my old US phone number to my UK number....poop....now that's messed things up. They say (TT) that things are better for overseas folks.....I think they may be overstating things a bit. We will see. I just need to sit down with 12 diet Cokes in the next couple of days and crank it out. FATCA....FBAR.....I think I forgot to put my saving account % down on last years.....too many little things. Kind of funny though......I don't really have much income....but with taking all of my retirement savings out the last couple of years I've gone from rich to...next year....being poor. 2019 I think I was over $300K.....2020 $90K+.....2021 maybe $16K. Still planning on taking my wife off my taxes next year.....she doesn't help me with the US taxes if I'm only getting $16K... and then she can start taking her little UK pensions without the US taxing them.

We are still “rich” because we are still doing Roth conversions. I finished mine in 2019 and my wife has done a Roth conversion in 2020. She has 2 more years of conversions to do in 2021 and 2022.

I became an OAP a week ago,  and my first OAP payment goes into the bank tomorrow.  Oh joy.

And here I am: stupid proud I did my first fbar all by myself!!! Took me like two hours.

I think my biggest hurdle with US ‘big girl’ things is that I’ve spent my entire adult life in the UK. And the US has WAY too many different forms to file. TT was too complicated for me when it wouldn’t accept my (non-US) address, which was like the first step!

Uk tax stuff? A breeze!! But might be slightly biased...


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And here I am: stupid proud I did my first fbar all by myself!!! Took me like two hours.

I think my biggest hurdle with US ‘big girl’ things is that I’ve spent my entire adult life in the UK. And the US has WAY too many different forms to file. TT was too complicated for me when it wouldn’t accept my (non-US) address, which was like the first step!

Uk tax stuff? A breeze!! But might be slightly biased...


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I’ve done about 30 US tax returns and I agree that the UK Self Assessment  is a breeze in comparison. The US uses the tax system to implement many policies similar to UK policies that are done outside of the personal tax system in the UK which makes the US return so very complex.

A tip on doing the FBAR. Once you have done one then the following year you make a copy of the pdf, click to remove the electronic signature and fill it in for the current year. Many of the financial accounts will be the same as the year before, and it is easy to add or delete accounts.

I became an OAP a week ago,  and my first OAP payment goes into the bank tomorrow.  Oh joy.

Happy birthday! (belated). 

Uk tax stuff? A breeze!! But might be slightly biased...

Not only is the UK system *far* easier to navigate, HMRC staff are incredibly helpful.