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Thread: US pension schemes & brokerage accounts; how are they taxed for new immigrants now (2017-2018)?

  1. #1
    Join Date
    Mar 2017
    Location
    USA
    Posts
    4

    Default US pension schemes & brokerage accounts; how are they taxed for new immigrants now (2017-2018)?

    I've been reading too much IRD material and am now confused. Particularly by all the discussions of pre-2012 or pre-2014 or pre-this or that which IRD puts in every pamphlet. I'm a 66 y.o. American with a Kiwi granddaughter and permanent resident daughter. Hoping for my wife and I to become NZ tax residents sometime early 2018 under Retired Parents Visa. I'm quite certain our US Social Security income would only be taxed by the US.

    But what is the current status of (US superannuation schemes) pension, IRA, Roth and 401K funds? Are they considered holdings that we must apply the FIF rules to (after the 4 year exclusion period)? Or will they be taxed as income when withdrawals are taken (using the sliding scale of percentages based on years of residency after the first 4)? Would non-qualifying (not a superannuation scheme) funds held in a Fidelity brokerage account in the US be subject to the FIF rules?

    Final question, is a guy who has always done his own US taxes using TurboTax going to be able to deal with IRD forms for the above scenario himself or is it just too hopeless and we must find a capable accountant after we move to NZ?

    Thanks for any knowledge/experience!
    -Jeff P.

  2. #2
    Join Date
    Aug 2004
    Location
    Oregon (Formerly Auckland)
    Posts
    345

    Default

    Hey Jeff,

    I've asked a similar question here: https://www.enz.org/forum/showthread.php?t=54059. The post includes a link to an accounting firm in NZ that specialises in US/NZ taxes.

    Have you had any luck since March?

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