aussiebobaustin
Returning Member

Retirement tax questions

Thanks for  helping pk .

 

Answers to your questions below.

 

(a)   You a US person ( citizen/GreenCard ) worked in Australia for many years.

        Yes,  US citizen. Started off in Australia as Australian citizen where I joined IBM Australia around 1985 thru 1998

       Then transferred to IBM US and got married and green card then US citizen.

      

(b) For all those years, you filed both US and Australia returns  recognizing  your world income.

      For years working for IBM Australia filed Australian  and US  tax returns for times I was working in the US and

      Australia . All this was while I was working for IBM Australia and IBM Australia handled the required tax returns.

      After joining IBM US,   I only had to file US taxes .

 

(c) During your stay / work in Australia,  you did not  contribute  to  the local pension fund i.e. the basis of the  fund at distribution is zero  ( for US tax purposes ).

    I grew up in Australia and worked for IBM Australia  from approx. 1985 thru 1998 , during this employment by IBM 

    Australia ,  I didn't contribute anything to the superannuation fund that was funded by IBM  .... I believe it was a 

   grovernment requirement or atleast became a requirement for companies to contribute to superannuation funds.

 

(d)  During your work life ( both domestic and Foreign/Australia you did participate  in US or Australian equivalent of  Social Security  and Medicare  ( FICA/ SECA ).

      Yes,  I contributed to Social Security the whole time I was employed by IBM US .  (  approx. 20 years ).

      I have retired and get a monthly Social Security check and am signed up with Medicare.

 

(e) Currently  your tax home is US

     Yes ,  I file only US taxes every year using TurboTax.

 

Since the Superannuation account in Australia kept  changing names / trustees, I decided to make a withdrawal  this year  partly to test if it was real ... so the issue I have is if I need to report that superannuation  withdrawal and if so how to  report it for my 2024 US tax return.