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Level 2
posted Aug 27, 2024 7:55:32 AM

In the $2M net worth test (covered expatriate), "government-provided" retirement plan such as social security and foreign pension is not included, right?

Also, in Form 8854 requires explanation of significant changes in assets in 5 years before expatriating; if I open/close bank accounts and ACH transfer among them, that is not "significant" right?

0 2 9616
2 Replies
Level 15
Aug 29, 2024 6:37:03 PM

@_Aw_3_1 ,  can you tell me a little bit of your situation --- are you a GreenCard or a citizen  expatriating ?  When did you actually for expatriation ?  Which country are you going to ?    What forms  have you filed, including your last  1040 

Any information about the situation would help.

 

I will come back once I hear from you .

 

pk

Level 2
Aug 29, 2024 6:54:22 PM

I am a GreenCard holder expatriating in about 6 years.  Going to Japan.  Currently, I reside in US and am filing normal tax return based on W-2 from work.  But my questions are about Form 8854 applicable to both US citizen and long term lawful resident, expatriating to any country.