Serbinski Accounting Firms

FYI

The IRS sent a reply for tax year 2001 (the first year of six amended) accepting the amendment.

Continuing with my question to the IRS, which is "I have a UK pension account. I am not retired, I receive no income from it. Do I need to report it in anyway, with my annual IRS tax return? Please ignore the "TD F 90-22.1" requirement when responding."

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My (flawed?) logic ...

My question to the IRS was basically the same as the original post in this thread. Which was

"My wife and I have three UK pensions, two of them are Defined Contribution pensions and one is a Defined Benefit pension. There is a U.S.-U.K. Tax treaty that describes how pensions are treated for tax ...

Sadly, you are quite right.

Even though they IRS wrote "The United States-United Kingdom Income Tax Treaty does not have a requirement to file an annual report to the IRS when you are neither
receiving nor contributing money to a pension." That is not relevant.

I think the question may the ...

I sent the above question to the IRS, the answer appears to be no, the pension's existence does not need to be reported if your are not taking any distributions.

--- Here is the full response ---

Hello. Thank you for your inquiry dated June 22, 2007. We apologize for
the delay in responding to ...

On the page http://www.murthy.com/ttips.html there is more info under the heading

Documents Required to Establish Eligibility for Particular Status

My wife had to travel back and forth across the Canadian border, using her Advance Parole document, (Form I-512) in 2004 and 2005. They stamped it once, and let her across multiple times. The red stamp says "PAROLED until " and then the officer used a pen to fill in a date.

The wording on the form ...

At the risk of being somewhat off-topic, as it relates to US - UK taxation, I am trying to find out what if any are the requirements for reporting the existence of foreign pension to the IRS.

My wife and I have three UK pensions, two of them are Defined Contribution pensions and one is a Defined ...

Thanks, again.

I have sent the amendments to the IRS, some 24 pages in total. If the IRS accepts the ammendments, do they send any sort of reply?

The March 31, 2007 statement for my RRSP account does have a book value for each fund.

Below is the details for just one of the funds.

Fund Name: Ethical Growth Fund
Number of Units: 990.752
Current Price: $17.0344
Book Value: $11,408.61
Current Market Value: $16,876.87
Unrealized Gain/Loss: $ 5 ...

Thanks for the very quick reply. So correcting what I previously wrote,

For each of the years, 2001, 2002 and 2003, I need to file a 1040x with an attached letter making the election described in Rev.Proc. 2002-23 Section 4.
For each of the years, 2004, 2005 and 2006, I need to file a 1040x ...

My Situation:

My wife and I moved from Canada to the US during 2000. For year 2000 I filed 1040NR (Non-Resident return), since, at the time, I met neither the "Green Card" nor the "Substantial Presence" test. Have been filing regular 1040 forms for every year since. None of my tax returns reported ...

I asked a US accountant, about a similiar situation relating to a UK Pension (which is also a defined benefit plan). His recommendation for the TD F 90-22.1 was "Because financial account is broadly defined, we recommmend including British Pension Schemes on the report".

According to a Morningstar Minute webcast, Canada Expense Ratio's are the highest in the world. Average of 2.20% against US average 0.81%.

Article author: Rudy Luukko - 18 May 07
http://www.morningstar.ca/globalhome/Fe ... .asp?tab=5

Thanks again. Once I get my old IRS tax returns straightened out, I will move my Ethical Funds account to TD Waterhouse.

I also found an old letter from Altamira to my wife saying they are able to service the account, under the laws of your state (Washington State in our case). I rang them to ...