Foreign pension reporting

Toby_Lee — Sat, 25 Feb 2023 17:49:44 GMT

Hi community,

I am originally from the UK but am now a LPR in the US. I live in the US and work full time here.

I voluntarily contribute to UK national insurance (equivalent to social security here) so I can get a state pension from the UK when I retire

I also worked in the national health service (NHS) in the UK before moving to the US. This had a pension scheme where automatic deductions were made from my pay at the time as contributions as well as equal contributions from my employer. I have not contributed to this since leaving the UK. There is no pot of money and this pension scheme is more like a membership. So there is no way to tell how much it is worth. I will receive distributions when I retire.

Since I am not receiving any income yet from either and I don’t know how much either is valued at, am I required to report this anywhere on my U.S. tax return or FBAR or FATCA yet? Or only when I receive distributions on retirement?

I look forward to any advice someone may have here.

kind regards

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Foreign pension reporting