Foreign Retirement & U.S. Income Tax – FBAR & FATCA Compliance

Foreign Retirement & U.S. Income Tax – FBAR & FATCA Compliance Foreign Retirement & U.S. Income Tax – FBAR & FATCA Compliance by Golding & Golding The interrelation between foreign retirement, and U.S. income tax is a very complicated topic. That is because even though a particular retirement fund might receive tax-deferred treatment under one country’s foreign jurisdiction, it may not receive tax-deferred status in the United States. Foreign Retirement & U.S. Tax When it comes to foreign retirement, there are typically two aspects to the fund: Foreign Account Reporting & U.S. Taxation. Foreign Account Reporting The first aspect is the reporting of the retirement. Depending on the type of retirement, it may be required to be filed on forms such as an FBAR (Report of Foreign Bank and Financial Account Form), FATCA (Foreign Account Tax Compliance Act), Form 8621 (Passive Foreign Investment Companies) or Form 3520/3520-A (Foreign…

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