I have a couple of different questions related to a pension plan which I'll probably put into different threads. I'm a USC living in Canada.
In my job, I am in a company pension. This is a defined pension plan which will pay X dollars a month upon retirement in a couple of decades.
My first question involves current tax implications. My employer does a match, of sorts, to my contributions. As an example, in a given year, I may put in $5K into the pension plan, and the employer puts in $6K. The employer contribution is not included on my T-4, of course, and all the contributions are put into a fund that I have no access to (at least, while I'm still employed there). I don't report the employer contribution on my Cdn taxes; my own contribution is reported as a deduction to my income.
a) Do I include the employer contribution in my US return?
b) Do I include the value of the pension towards the 8938?
I have follow-up questions, but I'll start here to keep the thread simple. Thanks!
Pension contributions: Reporting employer contributions
Moderator: Mark T Serbinski CA CPA
-
- Posts: 247
- Joined: Tue Aug 30, 2011 12:15 am
Pension contributions: Reporting employer contributions
Not a professional opinion.
a) No. your contribution should also not be included I your wages for irs purposes.
b) Yes, this is clearly spelled out in the 8938 instructions.
b) Yes, this is clearly spelled out in the 8938 instructions.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
-
- Posts: 247
- Joined: Tue Aug 30, 2011 12:15 am