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GoneOffShore

(17,591 posts)
Tue Sep 3, 2024, 02:30 AM Sep 3

Social Security/Tax/Pension

I'm an American and I live in France. I have my US Social Security paid directly to my French bank account (best exchange rate) with no Medicare PartB deduction(don't need it). I file US taxes because it's required and there's a tax treaty so I'm not taxed twice. Now, I applied for and have started receiving a UK state pension which is also being paid directly into my French account, totally bypassing my American bank. My French bank has no reporting requirement to the US government unless my account goes over 10k euros (pesky FATCA).
The UK pension service doesn't report to the US that I'm getting a pension from them. The UK did pay me 11 years worth in one sum because I didn't claim when I could have(I didn't know I was eligible) which pushed me well over the 10K euros amount in my account, plus they are paying me monthly.

Theoretically, I'm supposed to report the UK monies. Apart from the lump sum, the monthly isn't all that much. So, I'm not sure what to tell my US accountant.

Added on edit - Posting here because I can't find a 'Financial Forum' and I don't think this is right for GD. Thanks!

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Social Security/Tax/Pension (Original Post) GoneOffShore Sep 3 OP
Try this: elleng Sep 3 #1
Thank you! And not sure how I missed that group. No coffee yet I guess. GoneOffShore Sep 3 #2
Finding the right words and phrases often difficult! elleng Sep 3 #4
Personal Finance and Investing? jxla Sep 3 #3
Thanks, but there's very little activity there. GoneOffShore Sep 3 #5
Do what feels best, but beemerphill Sep 3 #6
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