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I have a lump sum payout from a retirement fund which was taxed in South Africa. Do I pay tax again when funds are transfered to the USA? I am a expat now a US citizen.
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I have a lump sum payout from a retirement fund which was taxed in South Africa. Do I pay tax again when funds are transfered to the USA? I am a expat now a US citizen.
US Citizens are taxed on their worldwide income, so yes, you need to include this income on your return.
However, don't forget to claim the Foreign Tax Credit for the taxes you paid to South Africa.
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I have a lump sum payout from a retirement fund which was taxed in South Africa. Do I pay tax again when funds are transfered to the USA? I am a expat now a US citizen.
US Citizens are taxed on their worldwide income, so yes, you need to include this income on your return.
However, don't forget to claim the Foreign Tax Credit for the taxes you paid to South Africa.
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