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Old 30.06.2021, 15:45
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Not Reporting Interest on 2nd Pillar Pension to IRS

Hello,

I've just discovered that I've been making some mistakes when reporting to the US, the past 10 years.

1. I should be reporting interest on my 2nd pillar pension each year, which I have not been doing. I had originally thought that the gains would be taxed when payed out. I now see that this is neither correct nor wise.

2. I have been adding my employers contributions to my wages on F1040 line one. Was this correct? I have not been adding it to F2555 line 19.

3. I have not been including the pension fund on FATCA. (Edit: I have been reporting this account on FBAR, but only last 4 years)

How serious is this? Obviously I want to comply, what is the best way to do this? It looks like OVDP has ended in 2018 and been replaced by streamlined foreign offshore proceedures? Should I follow these? The earlier years have probably little to no taxes owed after corrections, the later years probably do. According to SFOP I would need to submit ammended returns for the last 3 years. What about the previous years? In this case I guess I'll accrue this interest on the first of the last 3 years? Do I need a tax professional? Can anyone recommend one?

Thanks!

Last edited by surfmase; 30.06.2021 at 17:35.
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Old 01.07.2021, 07:28
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Re: Not Reporting Interest on 2nd Pillar Pension to IRS

No takers?

I discovered this error while searching how to keep track of the "basis" for the pension plan. Yesterday I went through my spreadsheet and added the numbers from my pension statements.

I'm not sure if I'm calculating interest correctly. Is the taxable interest for a specific year= ending balance - previous balance - contributions?

Thanks
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Old 01.07.2021, 10:50
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Re: Not Reporting Interest on 2nd Pillar Pension to IRS

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Hello,

... Do I need a tax professional? Can anyone recommend one?

Thanks!
I use Greenback and can recommend them.
https://www.greenbacktaxservices.com/
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