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QueenOfBlades

FBAR - IRS Clarification of Defined Benefit/Contribution

By QueenOfBlades in Tax & Finances During US Immigration

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QueenOfBlades Proficient

QueenOfBlades   224

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Filed: Lift. Cond. (apr) Country: United Kingdom
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Hi all,

 

I found this and thought it might be useful for anyone who has similar freak outs to me but can’t find answers. Below is an official response I received from the IRS regarding types of pensions to be reported on the FBAR after I sent them an essay and PDF of my pension scheme.

 

This is from the FBARQuestions@irs.gov e-mail from a ‘Senior BSA Tax Law Specialist’ from the BSA Compliance Dept (BSA is the law FBAR falls under) so she knows her stuff.

 

TLDR; defined benefit pensions are typically not reportable on the FBAR. Defined contribution pensions are. See below.

 

 

E3C774BE-050A-466A-9A7F-173C612431D9.png

AOS posted - 02/18/2014

NOA1 - 03/04/2014
Biometrics - 03/28/2014
EAD in post - 5/5/2014

EAD in hand - 5/10/2014
Interview waiver letter received - 6/9/2014

Card production notice - 1/10/2015

ROC mailed - 10/11/2016

ROC received at CSC - 10/18/2016

Interview Notice Received - 3/30/2017

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mashtates Apprentice

mashtates   25

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Filed: K-1 Visa Country: Canada
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On 3/1/2020 at 1:41 AM, QueenOfBlades said:

Hi all,

 

I found this and thought it might be useful for anyone who has similar freak outs to me but can’t find answers. Below is an official response I received from the IRS regarding types of pensions to be reported on the FBAR after I sent them an essay and PDF of my pension scheme.

 

This is from the FBARQuestions@irs.gov e-mail from a ‘Senior BSA Tax Law Specialist’ from the BSA Compliance Dept (BSA is the law FBAR falls under) so she knows her stuff.

 

TLDR; defined benefit pensions are typically not reportable on the FBAR. Defined contribution pensions are. See below.

 

 

E3C774BE-050A-466A-9A7F-173C612431D9.png

This is an older post but I was wondering if you had any other notable tax/reporting obligations in regards to your defined contribution pension - e.g. form 8938, form 3520? I am finding it very confusing. 
(I am planning on meeting with a cross border tax specialist but just wanted to do some preliminary research) 

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TBoneTX Grand Master

TBoneTX   43,548

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Filed: Citizen (apr) Country: Ecuador
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Old thread is now closed to further comment.  The most recent poster may start a new thread, if desired.

06-04-2007 = TSC stamps postal return-receipt for I-129f.

06-11-2007 = NOA1 date (unknown to me).

07-20-2007 = Phoned Immigration Officer; got WAC#; where's NOA1?

09-25-2007 = Touch (first-ever).

09-28-2007 = NOA1, 23 days after their 45-day promise to send it (grrrr).

10-20 & 11-14-2007 = Phoned ImmOffs; "still pending."

12-11-2007 = 180 days; file is "between workstations, may be early Jan."; touches 12/11 & 12/12.

12-18-2007 = Call; file is with Division 9 ofcr. (bckgrnd check); e-prompt to shake it; touch.

12-19-2007 = NOA2 by e-mail & web, dated 12-18-07 (187 days; 201 per VJ); in mail 12/24/07.

01-09-2008 = File from USCIS to NVC, 1-4-08; NVC creates file, 1/15/08; to consulate 1/16/08.

01-23-2008 = Consulate gets file; outdated Packet 4 mailed to fiancee 1/27/08; rec'd 3/3/08.

04-29-2008 = Fiancee's 4-min. consular interview, 8:30 a.m.; much evidence brought but not allowed to be presented (consul: "More proof! Second interview! Bring your fiance!").

05-05-2008 = Infuriating $12 call to non-English-speaking consulate appointment-setter.

05-06-2008 = Better $12 call to English-speaker; "joint" interview date 6/30/08 (my selection).

06-30-2008 = Stokes Interrogations w/Ecuadorian (not USC); "wait 2 weeks; we'll mail her."

07-2008 = Daily calls to DOS: "currently processing"; 8/05 = Phoned consulate, got Section Chief; wrote him.

08-07-08 = E-mail from consulate, promising to issue visa "as soon as we get her passport" (on 8/12, per DHL).

08-27-08 = Phoned consulate (they "couldn't find" our file); visa DHL'd 8/28; in hand 9/1; through POE on 10/9 with NO hassles(!).

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