USC resident in Canada. I am retired and I receive payouts from my past employer's defined benefit pension plan.
(1) Do I have to list that plan on the TD F 90-22.1 ?
(2) If so, what is the maximum value in a given year?
Having searched this site, I found clear answers that a defined benefit pension plan did not have to be listed on the TD F 90-22.1 before retirement. But I did not find an answer to the question whether it had to be listed once the retiree is receiving payouts from the plan.
I know I have no signature authority. Do I have a "financial interest" in the plan?
TD F 90-22.1 for Defined Benefit Pension Plan after retire?
Moderator: Mark T Serbinski CA CPA
Groom Law Group gives the most detailed discussion I've found on the above issue, but it finally concludes (pp7-8) that it is still an open question.
http://www.groom.com/media/publication/ ... ebsite.pdf
Does there exist a clear answer to this?
http://www.groom.com/media/publication/ ... ebsite.pdf
Does there exist a clear answer to this?
I can't point to a reference but I don't see why FBAR requirements would change after you retire. Your pension enters your income stream and is reported that way.
As far as value goes, the Form 8938 instructions (which are thought to be more stringent than FBAR) is clear:
The value is what the plan paid you that tax year.
As far as value goes, the Form 8938 instructions (which are thought to be more stringent than FBAR) is clear:
The value is what the plan paid you that tax year.
"I can't point to a reference": There is no reference from the Treasury Department.
Obviously, I report my pension income on 1040. I report the pension's existence on 8938 because the 8938's instructions demand that.
The IRS's 1040 and 8938 have nothing to do with the Treasury Department's FBAR. Despite their interdendence, the two organisms make their own separate regulations. The 8938's instructions for pensions can't just be transplanted onto the FBAR by a mere taxpayer.
But it is conceivable that someone has found better information specifically concerning the FBARs themselves.
Obviously, I report my pension income on 1040. I report the pension's existence on 8938 because the 8938's instructions demand that.
The IRS's 1040 and 8938 have nothing to do with the Treasury Department's FBAR. Despite their interdendence, the two organisms make their own separate regulations. The 8938's instructions for pensions can't just be transplanted onto the FBAR by a mere taxpayer.
But it is conceivable that someone has found better information specifically concerning the FBARs themselves.