Foreign Pension Plans, Expat Retirement Taxes, and FBAR Reporting

The IRS requires U.S. persons to report foreign financial accounts if the aggregate value exceeds $10,000 at any point during the year through the Foreign Bank Account Report (FBAR), filed separately from your tax return. Foreign pension plans may also need to be reported on IRS Form 8938 under FATCA rules. The tax treatment of foreign pensions in the U.S. varies significantly depending on whether a tax treaty exists between the U.S. and the country where the pension is held. Some treaties exempt foreign pension income from U.S. taxation or defer it until distributions are taken; others do not. Without treaty protection, contributions, growth, and distributions from a foreign plan may all be taxable in the U.S. under different rules. The consequences of getting this wrong, including penalties for non-disclosure, can be severe. Moore Invested works with expat clients and their international tax advisors to ensure foreign retirement assets are properly reported and integrated into their overall U.S. retirement income strategy.

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