1) Endowment life insurance plan matured and UK statement says I do not need to put on tax return -No chargable gain.
2) Life insurance has matured, tax paid in UK.
3) Occupational pension plan payed out and tax payed in UK.
where do I put them if I need to put on US tax return?
I have paper statements for all three.
@damenora , having read through your post of income streams from UK and UK tax situation thereon , I still need your own immigration status ( US citizen/ GreenCard/ Resident for tax purposes and your age , if the pension/ life insurance is in your own name or based on somebody else ( inherited ), is this for tax year 2022 or 2023 ?
I will circle back once I hear from you -- in the meantime , I will refresh my memory on US-UK tax treaty
Hello PK
I am a permanent resident, and everything is in my name. It is a UK Government pension and a life insurance for me that matures on a specific date and pays out. The other is an endowment policy with life insurance that also pays out at a specific date (matures). I am 66. The Uk withhold taxes when they pay out. The pension has a lump sum that is tax free in UK. I think I do need to declare them, and I dread paying more taxes!
PS
I have claimed the USUK tax treaty on my taxes (with help) but when I read the Form 8833 that I must submit with it, I don't meet the definition of dual resident. I am a permanent resident and no longer resident in UK. How can I be resident in both, its not possible? So I think i need to remove that which means going over whole form befor submit it.
@damenora , you are correct in that you as a permanent resident ( GreenCard), and being in the USA ( Tax home USA), cannot seek US-UK treaty benefits. Thus you need to re-do your return for US. You can indeed seek to ameliorate double taxation by taking foreign Tax credit ( as long as there is foreign income ) --- use the form 1116 with lump sum distribution for the pension benefit. The life insurance, though , is another matter . If this was paid for by you then generally it should not be taxable or based on exact facts and circumstances you could be taxed only on the gain i.e. total received LESS total paid in.
If this is a 2022 return, then I would suggest not to rush but do it correctly , even if you are day or two late. TurboTax e-file would be open for at least another week or two ( I think ) because of rejected returns have three days to correct and re-file.
Good Luck.
If you need more on this , please feel welcome to send me PM or add to this thread.
pk