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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10173
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I need to know the tax owed on my Shell Tax-free income, I

Customer Question

I need to know the tax owed on my Shell Tax-free income
JA: The accountant will know how to help. Please tell me more, so we can help you best.
Customer: I was employed by Shell from 1948 to 1988. Shell matched my contributions to the Shell Provident Fund Tax-deferred. I need to know the tax owed when the tax-deferred Provident Fund payments during my employment are payable.
JA: Is there anything else the accountant should be aware of?
Customer: I think I have payed no tax on the tax-deferred portion of my Provident Fund
Submitted: 1 month ago.
Category: Tax
Expert:  Lane replied 1 month ago.

Hi. My name's Lane ... I can help here

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I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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Are you a US tax resident (US citizen, green card holder or one passing the substantial presence test)?

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Let me know and we can go from there

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Lane

Expert:  Lane replied 1 month ago.

While I'm waiting, here's some general information on the fund and withdrawals while employed.

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The types of withdrawals available to employees are listed below

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Note that there is no minimum dollar amount, no limit to the number of withdrawals you can make, and no restriction on the amount of time between withdrawals.

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Withdrawals are generally funded proportionately from your Tiers I, II, and III

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You can withdraw up to 100% of your after-tax contributions at any time, without the 10% early withdrawal penalty. A portion of these withdrawals may be attributed to investment earnings and therefore currently taxable.

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Expert:  Lane replied 1 month ago.

By the way, here's the summary plan document for the fund. Not only are there service numbers there that you can all (I tried calling and they want your social security number) page 21 through 25 has everything you need

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http://docplayer.net/9898373-2014-summary-plan-description-shell-provident-fund-retirement-readiness.html

Expert:  Lane replied 1 month ago.

P.S. don't place your social security number here. If you'd like my help, I can make what's called an additional services offer here for a phone call, and we can speak confidentially that way.

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Lane

Expert:  Lane replied 1 month ago.

Please let me know if you have any questions at all, before you rate me

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If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit").

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Thanks!

Lane