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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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HI Lev, We spoke a few days ago on Switzerland and US tax

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HI Lev,
We spoke a few days ago on Switzerland and US tax responsibilities. My new question is: When we leave Switzerland does the money/taxes I paid into the Swiss Social System come with me i.e. (social security/medicare). Also My pension is a private pension thru my company, will i be able to bring along as well? Do you have access to any info on this and or any links I could view.

Lev :

Hi and welcome to our site!
From US tax prospective - contributions into your Switzerland retirement account are not deductible - thus while such contributions do not reduce your US taxable income. Only contributions into US qualified retirement accounts may be deducted.
Thus - from US tax prospective - your contributions into foreign retirement account will be your basis(investment in the contract).
When distributed - just as with domestic pensions or annuities, the taxable amount generally is the Gross Distribution minus the basis.

Lev :

The Swiss Social Security taxes are not reimbursed if you leave the country - but under some circumstances - you might be eligible to receive social security benefits.
You will find some additional information in THIS PUBLICATION.
A private pension generally available when you are no longer employed. However there might be vesting schedule and additional limitations set by your employer. None of private pensions are the same. I suggest to contact HR person in your company who is responsible for employee benefits and ask for the pamphlet which contains all information about your pension plan.

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