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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.