Based on all the study that I have done on various websites including IRS website, Superannuation Account that we have in Australia does not need to be reported on either of the forms, neither on FBAR (FinCEN 114) nor on Form 8938. Also, as per the website of Castro & Co, Distribution from Superannuation accounts are not taxable in the US as long as fill out the form 8833. Am I not correct? Please advise. Many Thanks
I am copy/pasting the snippet from IRS Website regarding FBAR. Please pay attention to bullet #5 and 6 (underlined by me):
But, you don’t need to report foreign financial accounts that are:
- Correspondent/Nostro accounts,
- Owned by a governmental entity,
- Owned by an international financial institution,
- Maintained on a United States military banking facility,
- Held in an individual retirement account (IRA) you own or are beneficiary of,
- Held in a retirement plan of which you’re a participant or beneficiary, or
- Part of a trust of which you’re a beneficiary, if a U.S. person (trust, trustee of the trust or agent of the trust) files an FBAR reporting these accounts.
Below is also a snippet from IRS Website related to form 8938. Please pay attention to the very last paragraph titled 'Foreign Social Security' underlined by me:
Assets Not Required To Be Reported
You are not required to report the following assets.
Certain Financial AccountsThe following financial accounts and the assets held in such accounts are not specified foreign financial assets and do not have to be reported on Form 8938.
A financial account that is maintained by a U.S. payer, such as a domestic financial institution. In general, a U.S. payer also includes a domestic branch of a foreign bank or foreign insurance company and a foreign branch or foreign subsidiary of a U.S. financial institution. Examples of financial accounts maintained by U.S. financial institutions include:
U.S. mutual funds accounts,
IRAs (traditional or Roth),
Section 401(k) retirement accounts,
Qualified U.S. retirement plans, and
Brokerage accounts maintained by U.S. financial institutions.
A financial account that is maintained by a dealer or trader in securities or commodities if all of the holdings in the account are subject to the mark-to-market accounting rules for dealers in securities or an election under section 475(e) or (f) is made for all of the holdings in the account.
Certain Financial AssetsYou do not have to report any asset that is not held in a financial account if the asset is subject to the mark-to-market accounting rules for dealers in securities or commodities or an election under section 475(e) or (f) is made for the asset.
Foreign Social SecurityAn interest in a social security, social insurance, or other similar program of a foreign government is not a specified foreign financial asset.
