Retirement/Pension Ireland
I migrated from Ireland in 2013 to the USA. I left behind a small retirement account that I could not transfer with me. The retirement account was a company pension plan where both made contributions (company matched). I did not contribute to it after leaving Ireland and it ebbed and flowed with the stock markets. I’ve been a US citizen for a few years and living in the US since 2013.
Last year I decided to close out the account as the opportunity arose and I took a small taxable lump-sum payment while purchasing a very small annuity in Ireland with the balance.
As I am doing my 2021 tax-return I am wondering how to report this. I am trying to avoid having to pay tax on the lump-sum if possible or at least if I can claim a foreign tax credit or something to offset the taxes paid.
Seems very difficult to find anything in layman’s terms that explains or provides guidance on what to do, even on the irs website.
Can any experts out there give any input? My other option is to speak to a tax advisor familiar with International tax situations like mine, but keeping that as a last resort for the minute.
