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Topic: Transferring SIPP - filing Final return 3520?  (Read 264 times)

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Transferring SIPP - filing Final return 3520?
« on: January 05, 2022, 10:34:18 PM »
Hi all - hopefully just a quick one. I transferred my SIPP from Vanguard to AJ Bell. I had filed a 3520 and 3520a the prior year for my Vanguard SIPP. Do I now have to file a Final return 3520 and 3520a for the Vanguard SIPP account? And if yes, would the transfer out of the Vanguard SIPP be considered a "Distribution to a US person"?

Thanks in advance!


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Re: Transferring SIPP - filing Final return 3520?
« Reply #1 on: January 06, 2022, 09:45:48 AM »
The transfer is reported on the pension income line of the 1040. You'll have at this stage to get a new EIN for the new plan, and prepare 2 3520s and substitute 3520-As.


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Re: Transferring SIPP - filing Final return 3520?
« Reply #2 on: January 06, 2022, 11:10:00 AM »
The transfer is reported on the pension income line of the 1040. You'll have at this stage to get a new EIN for the new plan, and prepare 2 3520s and substitute 3520-As.

Since it is SIPP to SIPP would the taxable income of the pension on the 1040 be shown as zero?
Dual USC/UKC living in the UK since May 2016


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Re: Transferring SIPP - filing Final return 3520?
« Reply #3 on: January 24, 2022, 01:13:11 PM »
I would hope so. I can't see a SIPP to SIPP transfer being a taxable event. I closed a Hargreaves Landsdown SIPP a few years ago and transferred it to AJ Bell YouInvest SIPP.  The only impact on my US taxes was to eliminate one FBAR....

A


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