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Posted by por on February 5, 2007, 8:22 pm
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I will have to file a tax return this year as I have taken a
distribution from a traditional IRA.
I will be filing a 1040 NR as I am no longer living in the
U.S. Do I have to declare all my income in the country I am
living in for the tax return or is the only item I have to
declare the amount from the IRS distribution ?.
Thanks.
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Posted by Benjamin Yazersky CPA on February 6, 2007, 9:58 pm
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> I will have to file a tax return this year as I have taken a
> distribution from a traditional IRA.
>
> I will be filing a 1040 NR as I am no longer living in the
> U.S. Do I have to declare all my income in the country I am
> living in for the tax return or is the only item I have to
> declare the amount from the IRS distribution ?.
If you have a green card (permanent resident) or are a US citizen, you are
required to report your worldwide income
However, some of it may be offset by foreign tax credits etc
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by L K Williams on February 6, 2007, 9:58 pm
Please log in for more thread options or@ireland.com wrote:
> I will have to file a tax return this year as I have taken a
> distribution from a traditional IRA.
>
> I will be filing a 1040 NR as I am no longer living in the
> U.S. Do I have to declare all my income in the country I am
> living in for the tax return or is the only item I have to
> declare the amount from the IRS distribution ?.
You don't say whether you are a US citizen or greencard
holder, just that you live in another country. The answer
depends on this information, however. If you are, you do
not file 1040NR but a regular 1040 and report ALL your
income, not just the IRA distribution.
Whether you have to pay tax in the country where you live
depends on the tax law of that country. Some countries tax
this type of income, others do not.
Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by parrisbraeside@yahoo.ca on February 6, 2007, 9:58 pm
Please log in for more thread options p...@ireland.com wrote:
> I will have to file a tax return this year as I have taken a
> distribution from a traditional IRA.
>
> I will be filing a 1040 NR as I am no longer living in the
> U.S. Do I have to declare all my income in the country I am
> living in for the tax return or is the only item I have to
> declare the amount from the IRS distribution ?.
Before that, are you a US Citizen or Green Card Holder?
Until that is answered, we don't know if you can file a
1040NR. If the first question is yes, you can't file a
1040NR and the rules are different.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Shyster1040 on February 6, 2007, 9:58 pm
Please log in for more thread options I presume that you are not a U.S. citizen, that you were a
resident alien when you opened the IRA, that you are now a
nonresident alien for US federal tax purposes (i.e., you do
not currently have a green card, you don't meet the
substantial presence test, and you have properly notified
the IRS of your abandonment of US residency), and that you
are not subject to the expatriation provisions of Sec.
877(e).
Generally, you must report all income that is effectively
connected with a US trade or business (regardless of source)
or that is US-source income that is not effectively
connected with a US trade or business.
Since I have no idea what the rest of your income items are,
the only thing I can say is that your IRA distributions are
reportable on Form 1040NR. For the rest, you should read
through the instructions to Form 1040NR, available online
at:
http://www.irs.gov/instructions/i1040nr/index.html
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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