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Do I have to pay US tax on a lump sum innicial payment from…

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Do I have to pay...
Do I have to pay US tax on a lump sum innicial payment from a foreign retirement fund?
Submitted: 2 years ago.Category: Tax
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1/31/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,790
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

As US citizen you are obligated to report your worldwide income, regardless of its origin. Certain income can be excluded, if certain conditions are met. Retirement income is generally taxable unless there's a tax treaty between the US and the income origin. Where the income originated?

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Tax Professional: emc011075, Tax adviser replied 2 years ago

Robert, I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

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Tax Professional: emc011075, Tax adviser replied 2 years ago

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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