I had an Australian Superannuation. Was working on 457 and visa was expiring so moved back to the US
We left in Oct 2015 and it was distributed in dec 2015. Trying to figure out where to enter the information for tax credit
on amount taxed at 35% for withdraw. Company contributes into account 9.5% of gross income
and ATO takes 15%. This amount we have reported each year on US taxes and know how to do that, but not the distributi0on of funds.
JA: Tell me more about your problem so I can decide what kind of lawyer you need. You might want a tax professional specialist or a essay tutor specialist. Are either of these what are you looking for?
Customer: Not sure the difference between the two.
JA: I'm sorry but I'm not sure we have an expert who covers what you are looking for. Maybe if you give me more details I will find you a connection to someone who can help you.
Customer: Australian Superannuation is a government
mandatory contribution in Australia for a pension
. The IRS
considers it a nonqualified retirement plan
. The AU taxes amounts in at 15% every time a contribution in put in. Then you have to wait until you are 60 if permanent resident to receive payments; however, if you are a temporary resident like us, then you have to claim it as a Departing Australia Superannuation Payout at which time they take an additional 35% out and give to you in a lump sum payout.
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: I received a PAYG from the Super fund detailing the amounts. I need to know which forms
to complete for this and where it goes on my taxes and how to enter the foreign
tax credit for the distribution
JA: I can help you talk to the tax professional. Thanks for coming to JustAnswer. How can we help?
Customer: I need to know which forms to complete for this and where it goes on my taxes and how to enter the foreign tax credit for the distribution of the non qualified foreign retirement plan.
JA: OK. The tax professional will know what to do. Please tell me everything you can so the tax professional can help you best.
Customer: Is this on a loop? I have already done this.
JA: Anything else I can tell the tax professional before I connect you two?
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the tax professional about your situation and connect you two.