RetireJapan

I have two questions about the inclusion of US pension estimates into the Foreign Asset Report:

1. Back in 2017 when I discovered I was delinquent in filing the Foreign Assets Report, I put together two versions of the Assets Report. In one I included estimated values for my US company pension, 401K and SS. In the other I omitted those items. I put those two versions together because it was not completely clear to me that I needed to include the US type pensions. In reading through the FAQs, I recall references to paid annuity type pensions, but nothing explicit about the typical US pension devices. Anyway, when I went to the tax office, I showed the guy who was screening forms what I had done. He told me to submit the version without the pensions and he said something to the effect "if you are not receiving it yet, don't include it". I also asked him if I should submit forms for the years I had missed and he said that the tax office would contact me if that was required. They did not contact met.

So, my first question is: does that response (underlined) make sense? If you submit the Foreign Assets Report, are you including US type pension estimates?

2. Last year I started receiving my company pension. So I am planning to include that in my Report this year (yeah...submit by Monday, but I have it done already). I used a pension calculator (Forbes had a link to a simple calculator in Google Drive) to come up with a lump sum estimate as of 12/31/2020. That is what the FAQs implied should be done for paid annuity type pensions. Make sense?

Thanks,
Dan

If you submit the Foreign Assets Report, are you including US type pension estimates?

The only foreign pension I can expect is US Social Security and I have never included an estimate of that on my Foreign Assets report and haven't ever been asked to do so. I won't be taking SS for a decade or so. I think through other means Japan knows about our Social Security since I have been told when we start to receive koseinenkin there is some communication between the Japanese authorities and US SS related to the Totalization agreement but I don't have any direct experience with that yet.

dcon wrote: ↑Thu Mar 11, 2021 12:41 pm... Anyway, when I went to the tax office, I showed the guy who was screening forms what I had done. He told me to submit the version without the pensions and he said something to the effect "if you are not receiving it yet, don't include it". I also asked him if I should submit forms for the years I had missed and he said that the tax office would contact me if that was required. They did not contact met.

So, my first question is: does that response (underlined) make sense? ...

My cautious self would eventually want more than "someone here at the tax office told me..."

I would take this as a starting point, tentatively accept it, but at the same time be looking to confirm each of these points. Wait till summer or early fall (less busy), and try to schedule a consultation (preview it, so they'd have a chance to be ready). I'd hope for something in print, but would settle for being told this by someone who is working in the proper section of the tax office.

That said, I doubt SS would be included.

captainspoke wrote: ↑Fri Mar 12, 2021 12:39 am

dcon wrote: ↑Thu Mar 11, 2021 12:41 pm... Anyway, when I went to the tax office, I showed the guy who was screening forms what I had done. He told me to submit the version without the pensions and he said something to the effect "if you are not receiving it yet, don't include it". I also asked him if I should submit forms for the years I had missed and he said that the tax office would contact me if that was required. They did not contact met.

So, my first question is: does that response (underlined) make sense? ...

My cautious self would eventually want more than "someone here at the tax office told me..."

I would take this as a starting point, tentatively accept it, but at the same time be looking to confirm each of these points. Wait till summer or early fall (less busy), and try to schedule a consultation (preview it, so they'd have a chance to be ready). I'd hope for something in print, but would settle for being told this by someone who is working in the proper section of the tax office.

That said, I doubt SS would be included.

Thanks for your suggestions. I decided to hold off on including the US Pension related details until I am able to sit down and chat with one of the experts. Once I do that, I will come back and add any new insights to this thread.