US Tax Returns - Page 10

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US Tax Returns - Page 10


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  #91 (permalink)  
Old 10th March 2017, 04:31 PM
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Quote:
Originally Posted by Bevdeforges View Post
That's certainly how I see it. If the IRS has any questions, they'll be in touch. But don't hold your breath.
Cheers,
Bev
Cheers Bev,

I just got off the phone with teachers pensions - you were right in terms of: I pay a % of my wages each month into a "pot". When I retire, the amount I receive is based on an equation: average salary times years of service, divided by 80.

BUT!!! Apparently I should have been receiving a statement each year which tells me the value of the pension as of right now - even though I cannot withdraw any of it.

Does the fact that it holds a monetary amount (which is news to me as of 5 minutes ago) - change anything?

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  #92 (permalink)  
Old 10th March 2017, 07:11 PM
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Quote:
Originally Posted by sp84 View Post
Cheers Bev,

I just got off the phone with teachers pensions - you were right in terms of: I pay a % of my wages each month into a "pot". When I retire, the amount I receive is based on an equation: average salary times years of service, divided by 80.

BUT!!! Apparently I should have been receiving a statement each year which tells me the value of the pension as of right now - even though I cannot withdraw any of it.

Does the fact that it holds a monetary amount (which is news to me as of 5 minutes ago) - change anything?
Seems unlikely they're sending you an estimate of the fair market value of your pension, which is what the form asks for. It doesn't really have a FMV, since you can't sell it.

The E&W Teacher's Pension fund seems to just send a summary of contributions and service so far, and perhaps a calculation of how much you could expect to receive per month if you retired tomorrow. (See https://www.teacherspensions.co.uk/n...statement.aspx).

I took the view, when I was completing the 8538 after renouncing, that the FMV of my DB government pension was zero.


Last edited by iota2014; 10th March 2017 at 07:15 PM.
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  #93 (permalink)  
Old 10th March 2017, 07:27 PM
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Here you are:

Quote:
Annual benefit statements

The scheme manager must provide annual benefit statements to active members of DB public service pension schemes in accordance with any directions issued by HM Treasury or the Department of Finance and Personnel in Northern Ireland. The statement must include:

- a description of the benefits earned during a memberís pensionable service
- any other information specified by HM Treasury or the Department of Finance and Personnel in Northern Ireland directions
Communicating to members | public service schemes | The Pensions Regulator

Not an estimate of the value of your interest in the pension.

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  #94 (permalink)  
Old 27th March 2017, 09:19 AM
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Hi! What is the address of the blog post you referred to? Interested to read it!

-Mme

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  #95 (permalink)  
Old 27th March 2017, 07:26 PM
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Quote:
Originally Posted by mmeprice View Post
Hi! What is the address of the blog post you referred to? Interested to read it!

-Mme
Hi Mme - which blog post are you referring too?

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  #96 (permalink)  
Old 27th March 2017, 08:40 PM
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Sorry. I think I accidentally replied here. I was replying to someone else, and now I can't find that post! Whoops!

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  #97 (permalink)  
Old 13th April 2017, 10:30 PM
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Hello again everyone, can I just confirm something - the FBAR to be filed this year is due on April 15th (well April 18th this year, in order to coincide with the date for tax returns); with an automatic extension until October 15th?

I still have to gather some information for my FBAR and won't have it ready by April 15th/18th - so in theory, if I file in say June for arguments sake, I will not be open to any penalties ?

Is that correct?

Thanks!

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  #98 (permalink)  
Old 13th April 2017, 11:29 PM
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Correct.

Here is the FINCen News Release on the change from Dec last year.

https://www.fincen.gov/news/news-rel...e-date-fbars-0

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  #99 (permalink)  
Old 15th April 2017, 11:46 AM
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Quote:
Originally Posted by Moulard View Post
Correct.

Here is the FINCen News Release on the change from Dec last year.

https://www.fincen.gov/news/news-rel...e-date-fbars-0
Thank you Moulard that's fantastic! I just wanted to ensure that I had understood the wording correctly. So effectively - the REAL Fbar deadline is October 15th (surely it would make more sense to just say that)!?!?

It means I don't have to run around like a mad man over the next day or two trying to chase things up! Phew!

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