Ask Experts Questions for FREE Help !
    Peter-Berkeley's Avatar
    Peter-Berkeley Posts: 10, Reputation: 1
    New Member

    Mar 29, 2011, 05:17 PM
    Resident alien with foreign bank account + private foreign retirement plan-form3520?
    For 2010 I am a resident alien for tax purposes. I do have a foreign bank account with more than $10.000 so I to file form TD F 90-22.1 (thanks to bine2 for the clarification). While filing form 1040 - schedule B: Do I have to enter my foreign interest in part I? Who would be the payer, my foreign bank?
    Schedule B, part III: What is considered a "foreign trust" - my bank account? I have a private retirement plan I do pay money into every month, but I won't see any money before I retire... Do I have to report my foreign retirement plan (I pay, I don't get money yet) anywhere at all?
    Thanks for your help.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert

    Mar 29, 2011, 10:43 PM

    Yes, you need to report foreign bank interest on schedule B (Form 1040).
    No your bank account is not "foreign trust."
    Peter-Berkeley's Avatar
    Peter-Berkeley Posts: 10, Reputation: 1
    New Member

    Mar 29, 2011, 10:57 PM
    What about my private foreign retirement plan I pay into? I don't get any money before I am retired...
    taxesforaliens's Avatar
    taxesforaliens Posts: 649, Reputation: 117
    Senior Member

    Mar 31, 2011, 07:09 AM
    There are a few exceptions for reporting foreign accounts including tax qualified retirement plans
    Have a look here:, id=148849,00.html
    and in the instructions for form TD F 90-22.1 to determine if your retirement account is exempt from being reported.
    frågamig's Avatar
    frågamig Posts: 1, Reputation: 2
    New Member

    Jul 15, 2011, 02:03 PM
    Your foreign bank is not your foreign trust.

    You must list foreign bank accounts and securities in the 1040B and list one or more countries in which they may reside in line 7b.

    If your foreign retirement plan is under the state/nation where you are an ex-pat, it is not reportable under the FBAR.

    If you have an total of 10K in any and all of your foreign bank accounts (including private pensions and securities), you must send in the FBAR (TD form) always prior to 30 June (no extensions allowed).

    For 2010 year, the IRS is offering both an "amnesty" for those who haven't properly declared foreign earnings in the tax declaration, and ALSO an opportunity for those who HAVE declared properly, including on the 1040B--to send in all of their backlog of TD forms (which go to Detroit) without penalty if these arrive prior to 31 August 2011! Hurray and make things right.
    mte's Avatar
    mte Posts: 2, Reputation: 1
    New Member

    Apr 16, 2012, 11:39 AM
    Hi, I'm in a similar situation as resident alien having pension funds in the country I was before being in the U.S. and which I would only get once retired. I don't understand if it is part of the exceptions for reporting foreign accounts including tax qualified retirement plans. In fact it's a obligatory retirment contribution in Switzerland, does that qualify?

    Thanks so much!
    taxesforaliens's Avatar
    taxesforaliens Posts: 649, Reputation: 117
    Senior Member

    Apr 16, 2012, 05:41 PM
    It depends on the type of pension account. Foreign retirement accounts and pensions retirement savings accounts which you own or control, such as accounts similar to individual retirement accounts, annuities, and 401k-type plans (which have separate accounts in your name) would need to be reported. The employee has financial interest in these kind of accounts. The current redeemable value of the pension must be reported on the FBAR under Part II Information on Financial Accounts Owned Separately). On Line 16 where it asks for type of account, you should check the box that says Other and enter the word pension for the description. On the other hand, if when you retire you will just be entitled to receive a percentage of your monthly salary from the pension company or your former employer it does not have to be reported on the FBAR form.

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!

J1 with resident alien tax status - how to file interest from foreign bank account? [ 3 Answers ]

I was on a J1 visa in the US in 2010 but it was my third year, which makes me resident alien for 2010 taxes. As resident I need to file form 1040, including interest earned on my home bank account (in Germany) - I filed 1040EZ first but it is indicated that I have to use 1040 if my total amount of...

Resident alien with foreign income and nonresident wife [ 4 Answers ]

I am on F1 visa and I am considered a resident alien because I stayed in US from 1997 to 2001 on F1 visa and beginning 2007 until now also on F1 visa. In 2008, I earned income in the US and was still receiving income from my home country. My wife is working in US but she's a nonresident. We have...

L1 Visa Resident alien - foreign income [ 3 Answers ]

Hi I moved to USA from India in June 2009 on a inter company visa (L1). Do I need to declare the income I have earned in India during Jan - May 2009 while filing tax returns? Thanks Chandra

Resident Alien - Foreign Tax Credit [ 2 Answers ]

Query 1 :- I came to US (first time) on 2nd April 2006 on L1 with my wife. I am in US since then. I believe my status will be resident alien. For Jan to March 2006, I have Indian Income (Salary) & Indian tax deducted on the same. How should I mention the deducted Indian tax while filing federal...

Non resident alien foreign trust return required [ 3 Answers ]

Hi there Just wondered if you are able to help with two questions I have an investment account with a brokerage firm, where I buy and sell shares, receive dividends from US listed and non US listed companies (on the stocjk exchanges). My account was setup as a complex foreign trust with my...

View more questions Search