Knowledgeable Attorneys Concerning Foreign Qualified Retirement Accounts
If you are a U.S. citizen who has worked in a foreign country for a foreign company, you may have invested a portion of your wages into a retirement account, similar to a 401(k) and other programs. There are a number of tax implications that may be raised regarding such income, including whether this income needs to be reported under Report of Foreign Bank and Financial Accounts (FBAR) rules. At the law firm of Kundra & Associates, our lawyers can review your situation and inform you of your options and obligations.
For more information about how to treat a foreign retirement account for tax purposes, speak with us. Contact our Washington, D.C., tax attorneys online or call 301-637-8130 to schedule a meeting to discuss your situation.
Working To Protect Your Interests And Avoid Penalties
If your foreign retirement plan is valued at $10,000 or more, you may face serious penalties from the IRS if that income goes unreported. Even if this income is reported on your annual income tax filing, it is still necessary to make a separate FBAR filing for certain pension plans.
In addition to FBAR implications, repatriation of foreign retirement accounts and bringing income into the U.S. can have adverse tax consequences, as can early withdrawal. Finally, there are important distinctions that must be made between qualified and unqualified foreign retirement accounts.
With so much at stake, it is essential to get qualified advice from an experienced tax attorney at Kundra & Associates. We can thoroughly review your financial situation and let you know of your obligations to the IRS. We will work hard to help ensure that your valuable interests remain protected.