Thursday, September 1, 2011

IRS tax rules for foreign private pension funds? Tax gurus, please help!

IRS tax rules for foreign private pension funds? Tax gurus, please help!?
I am a Peruvian citizen, and lived/worked in Peru until 2002. While I worked in Peru I participated in the mandatory Private Pension Fund contribution through a deduction in each of my paychecks. By the time I left Peru my balance was only around $2,000 and I totally forgot about it. I moved to the US in 2002 and have filed my taxes as a Non Resident Alien (on student visa) until the year 2006; starting in 2007 (H-1B visa) I started filing as a Resident Alien. I understand that starting in 2007 I am taxed on worldwide income. Last week I just remembered about the $2K balance I had in my Peruvian pension fund and inquired about my new balance - It is now $12,000!!!. This means I have had earnings on my contributions. The Peruvian law doesn't let me withdraw my funds until I am 65 years old. Questions: 1) Do I have to pay taxes on the earnings that I am accruing each year on that Peruvian Private pension fund? Should I have done this since 2007? 2) Do I need to file TD F 90-22.1./ FBAR and declare my foreign account since now I have more than $10K? Thanks a lot for your help tax experts! Thanks Tro! So I will only declare income when I withdraw - How about reporting it through FBAR? I read there is this IRS regulation that asks me to report any type of financial account (not only bank accounts) if they are above $10K - Any insights on this? I also read in an International Tax Expert site that the plan would need to meet US qualification rules in order not to get taxed until withdrawal? The issue is that I still can't understand these rules! IRC 402 (b), 409 (a), etc. - too confusing! Thanks for your help tax experts!
United States - 2 Answers
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1 :
you will declare the income on the retirement when you take distribution, you don't need to claim any income on it during the years it is in the account, that will all be handled when you take distribution and if you are taxed on world wide income even as resident alien, I am not aware of this, I know that US citizens are but didn't know non citizens were---learn something new all the time
2 :
Acutally, you CAN get Peruvian pension before you're 65 if you've lived outside of Peru for 5 years. You'll have to go to Peru or give someone a carta de poder, prove that you'er in the US legally, and show them a contract from your work, and the pension scheme that you want Peru to deposit your money, from Peru, to the US pension scheme.

Sunday, August 21, 2011

Can someone fluent in Spanish (NOT AN ONLINE TRANSLATOR) translate this from english to spanish

Can someone fluent in Spanish (NOT AN ONLINE TRANSLATOR) translate this from english to spanish?
Please, I really need this to be accurate. Please be considerate enough to ignore this question if you are not fluent in Spanish. Thank you. 4.The both seek fun and adventures through tourism. 5.They decide to explore as much of Latin America as they can together. Also, they intend to work in a leper colony in Peru.
Languages - 5 Answers
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1 :
4: Ambos buscan diversión y aventuras a traves del turismo. 5. Ellos deciden explorar todo lo que puedan de Latinoamerica, en medida de sus posibilidades. También pretenden trabajar en una colonia de leprosos en Perú.
2 :
4. Ellos dos buscan aventura y diversion por medio del turismo 5. Ellos decidieron explorar tanto de America Latina como les fue posible juntos. Ellos pretenden trabajar en una colonia de leprosos en Peru
3 :
Pablo did it right. Is this about Che Guevara Diary movie? Great movie!!!!!!!!!!!!!!!!!!!!!!!!!!
4 :
Ellos buscan aventura y diversión a través del turismo. Ellos deciden explorar juntos lo más que puedan de América latina. También, pretenden trabajar en una colonia de leprosos en Perú.
5 :
4.Ambos buscan diversión y aventuras atrávez del turismo. 5.Decicdieron explorar tanto de Amrica Latina como les fuese posible juntos. Tambien pretenden trabajas en una colonia de leprosos en el Perú.

Sunday, August 14, 2011

i wanna move to peru can i do it

i wanna move to peru can i do it?
i was born in peru but i lived in the us my whole life. i only have an associates degree in early childhood.im bilingual. what should i major in in the states if i wanna get a job in peru? i am not smart enough to be a doctor and im currently a preschool assitant teacher. idk what i wanna do so thats why i need help!!?!? fyi i dont wanna work at a school anymore.
Peru - 1 Answers
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1 :
With a BEd, you should be able to get a decent job in Peru