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    anwashak's Avatar
    anwashak Posts: 2, Reputation: 1
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    #1

    Jan 23, 2013, 01:08 PM
    Working in US on temporary visa. Can I transfer my overseas retirement money here?
    I retired overseas and received retirement fund as lumpsum. Can I bring a portion in US to purchase a home here?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 23, 2013, 01:31 PM
    Yes, you xan. There are no transfer taxes in the U.S.

    You may have to submit Form 3520 to explain the source of the money.
    anwashak's Avatar
    anwashak Posts: 2, Reputation: 1
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    #3

    Jan 23, 2013, 02:24 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    Yes, you xan. There are no transfer taxes in the U.S.

    You may have to submit Form 3520 to explain the source of the money.
    Thanks for the reply. So my retirement money overseas is not treated as income for US tax purposes but once in US any income on this money will be US taxable. Am I right?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 23, 2013, 03:03 PM
    If you are filing as a noj-resdent alien, onnly U.S.-sourced income is subject to U.S. income taxes, so the overseas pension is not taxable.

    If you file as a resident, then all world-wide income, including the pension, is taxable.
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