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Related: Culture Forums, Support ForumsSocial 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!
elleng
(135,794 posts)GoneOffShore
(17,591 posts)elleng
(135,794 posts)jxla
(222 posts)GoneOffShore
(17,591 posts)beemerphill
(508 posts)If it were me, I would let my conscience be my guide. And enjoy the extra bucks (euros).