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I worked in Brazil from 2011 to 2014 and paid Brazil FGTS…

I worked in Brazil...

I worked in Brazil from 2011 to 2014 and paid Brazil FGTS and US Social Security taxes during that time.. I recently was able to claim my Brazil FGTS as a lump sum and sent it to my bank in the US. Is this lump sum payment taxable for 2018 US tax purposes?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I am a US citizen and left Brazil in 2014. I am 61 years old and currently retired

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Answered in 8 minutes by:
3/12/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,763
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Because you are a U.S. citizen, you report and pay tax on your WORLDWIDE income.

You will report the income from the Brazil FGTS on your US tax return. If you paid any taxes to Brazil, you will be able to take a credit for those taxes on your US return.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
Strictly, this wasn't income. It was reimbursement of the FGTS taxes I paid while working in Brazil. FGTS is the equivalent of US social security. So you are saying that this is taxable as income?

I understand what you're saying and I understand what FGTS is.

Give me a moment.

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Once you received the distribution of those funds, it becomes income to you and is taxable here in the US.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,763
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Thank you for the positive rating of my answer. It is very much appreciated.

Have a great day!

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