Retiring Abroad: A Tax Guide for Advisors and Their Clients
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Are your clients planning to retire abroad? Before they do, prepare them for the additional and, often, surprising U.S. tax reporting complexities which accompany overseas living.
Are your clients planning to retire abroad? Before they do, prepare them for the additional and, often, surprising U.S. tax reporting complexities which accompany overseas living.
Retirees considering a life abroad don't often imagine the tax-related problems they might encounter when opening bank accounts, making charitable gifts or receiving retirement payments overseas. Even seemingly simple things like part-time employment, purchasing life insurance or investing in a mutual fund-type product can trigger complicated tax consequences. This topic will help advisors understand how to advise their retiree clients on staying compliant with U.S. tax policies and avoiding potential IRS penalties while living the good life overseas.
Speakers: Morris N. Robinson, Patricia Weisgerber
Course Content
| Reporting Income and Deductions to IRS |
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- Marital Status – Foreign Spouse and the 6013(g) Election
- Dependency Exemptions – Exempt Individuals Located Outside the United States
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Reporting Unrealized Gains and Income From Foreign Investments |
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- Foreign Mutual Funds (PFICs)
- Foreign Retirement and Insurance Plans
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Avoidance of Double Taxation |
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- Foreign Tax Credit
- Earned Income Exclusion
- Tax Treaties
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Reporting Ownership and/or Signature Authority Over Foreign Financial Assets |
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- Foreign Bank Account Reports (FBARs)
- Form 8938: Statement of Specified Foreign Financial Assets
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Reporting Ownership Over Foreign Corporations, Partnerships and Trusts |
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- Foreign Corporations – Form 5471
- Foreign Partnerships – Form 8865
- Foreign Trusts – Form 3520
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Penalty Avoidance and Mitigation |
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- Streamlined Voluntary Disclosure Programs
- Other Programs That Completely Avoid Penalties
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