 |
Visa holder using 401k, what forms need to be added to tax return?
10-26-2015, 08:17 AM
|
#1
|
Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,218
|
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
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
10-26-2015, 08:35 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,859
|
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.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
|
|
|
10-26-2015, 10:06 AM
|
#3
|
Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 28,101
|
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).
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
|
|
|
10-26-2015, 09:53 PM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 10,744
|
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.
|
|
|
10-26-2015, 10:10 PM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,859
|
Quote:
Originally Posted by Sunset
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.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
|
|
|
 |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
Search this Thread |
|
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|