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Visa holder using 401k, what forms need to be added to tax return?
Old 10-26-2015, 09:17 AM   #1
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Visa holder using 401k, what forms need to be added to tax return?

My girlfriend is working in USA on a visa. She worked here for first year without using 401k.

Her 401k is VERY good
6% contribution by employer, regardless of employee

50% match up to 10% for 7-10%

She told me she has to file a document with her tax return about foreign investments. Can anyone explain further?

Thx
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Old 10-26-2015, 09:35 AM   #2
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What visa does she have? is it an immigrant or non-immigrant one? If she is eligible for the 401k no special forms need to be included with her tax return.

Also everyone that files US taxes has to give information about their foreign investments and bank accounts if their values are above certain amounts....$10k is the first threshold.
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Old 10-26-2015, 11:06 AM   #3
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It has been a while since I used to contribute to a 401k while on a work visa (last century) but there was no tax form I had to file in order to be able to contribute to the company 401k.

As nun says, if she has foreign savings and/or bank accounts above $10k then she has to file an FBAR form, but that is for everyone, including US citizens.

If I were her I would ask which tax form they are talking about as it is a good deal to be able to contribute to that generous 401k of her company. When she leaves the company she can roll it to an IRA and even if she returns to her home country then companies like Vanguard will allow her to remain as an overseas customer. (You generally can't open a new account with an overseas address).
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Old 10-26-2015, 10:53 PM   #4
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I know lots of Visa workers who contributed to 401Ks.
None ever filed a form about their 401k ,
She must be talking about filing of foreign account reports, where citizens, permanent residents, (and maybe aliens which is a visa holder) have to report the accounts they hold in other countries.
If its that , it gets filed separately from tax return.
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Old 10-26-2015, 11:10 PM   #5
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Quote:
Originally Posted by Sunset View Post
I know lots of Visa workers who contributed to 401Ks. None ever filed a form about their 401k , She must be talking about filing of foreign account reports, where citizens, permanent residents, (and maybe aliens which is a visa holder) have to report the accounts they hold in other countries. If its that , it gets filed separately from tax return.
The FBAR is a Treasury Dept form and is filed separately from taxes. There is also an 8938 which is an IRS form and filed with your taxes.
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