Ask Experts Questions for FREE Help !
Ask
    somu_banerjee's Avatar
    somu_banerjee Posts: 14, Reputation: 1
    New Member
    		  
    #1

    Jul 22, 2012, 06:10 PM
    Contribution to foreign pension fund
    Hi,

    While working in India,before coming to USA,I use to contribute to a pension fund.The fund does not give any distibution.It however has an option of being surrendered before or after 60 years of age .One is allowed to keep 10% of the proceeds, and the remaining needs to be used to purchase annuity from any insurance provided.

    When it comes to filing 1040,how does it need to be reported.Here is a link with the details:

    New Pension Scheme India (NPS) Details
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 22, 2012, 07:59 PM
    That is considered to be a government-sponsored pension which does NOT have to be reported on your U.S. tax return or on the FBAR.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Trying to get my UK pension fund into the US for reinvestment [ 1 Answers ]

I am a UK citizen resident here in the USA for 7 years. I have a substantial UK pension fund that I would like to cash in and ideally invest in property here in US. The UK allows me to transfer funds without tax liability (since I have been out of UK, and non resident for more than five years)...

Calculating Pension fund [ 4 Answers ]

Please assist; we are a manufacturing company with personnel being members of a union. Union membership fees include benefits. One of these benefits is pension fund, calculated on basic remuneration. Do I calculate on basic income less short time or basic only? Our payroll software, payroll...

Transfer uk Pension into 401K Fund [ 2 Answers ]

I have 33000 GBP with a uk pension provider. I am non resident for uk tax as I work offshore Gulf of Thailand. Can I transfer this money into a 401K fund and if so what would be my tax exposure?

Are contributions to a foreign pension fund tax deductible? [ 4 Answers ]

Hi and Happy Thanksgiving to everyone, This is a question about pension funds in a foreign country eg: UK or Canada. If a US citizen or permanent resident is employed in a foreign country and he is contributing to the foreign company's pension fund, can he claim his contributions as tax...

Safety of 1199 pension fund [ 2 Answers ]

Someone emailed me a few months ago to say that although it was illegal for unions To invest in junk bonds, they are investing is something that comes close to that and That eventually I can lose my pension. He encouraged me to find out what my Union was investing in to keep our money safe and...

View more questions Search