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1. Regarding 1040 Schedule B, When a person has a foreign financial account, what is the total amount of interest and/or dividends that the individual reporter must report to the IRS? When reported by a husband and a wife jointly, what is the total amount that must be reported?



A;Aslong as  you are a U.S. citizen  permanent resident, or even a US resident for US tax purposes,  the IRS requires you to report all of your worldwide income. This includes income from dividends and interest from overseas. To mitigate confusion and complexity resulting from living or working between the United States and overseas, both countries abide by the foreign nation-US Convention with Respect to Taxes on Income and on Capital, otherwise known as the. Tax Treaty; However, as you pay tax(es) on your portfolio income that you earned overseas to foreign taxing authorities, you may claim the foreign taxes paid the foreign jurisdictions on your US return by filing f 1116 or  by itemizing them on Sch A of 1040 on your US return.No Sch B is issued to you by a foreign country ; SchB of 1040 is a form used in conjunction with Form 1040 or 1040A, to report income from interest or ordinary dividends. Not all taxpayers with taxable interest or ordinary dividends are required to file sch B, only those who meet the requirements. These requirements are based on the total of your sch B income and whether you meet certain special conditions. Know these requirements to be sure you are filing the correct tax forms. You ned to file Sch B if you have over $1,500 in total taxable interest and dividends. List each payer and amount of interest you received from individual lines in part I.







2. Regarding TD F 90-22-1 (when total value exceeds $10,000), is this one reported only individually? When reported by a husband and a wife jointly, what is the total value that must be reported?


 A;Great/very critical question bud;please Be aware that the FBAR, I mean TD F 90.22.1 is filed for each accountholder. As you can see, the Form TD F90-22.1 is designed for individual reporting for individuals that have foreign accounts for signature authority of a foreign account. Each spouse if they individually meet the requirements to file a TD F 90-22 would file individually not joint. Further There is only one place for a signature and filer identification. Your wife would need to file separate returns from you if required to

Married couples would need to file separate reports, and accounts having multiple accountholders or persons with signature authority may have several persons or businesses reporting the same account on separate reports. Types of financial accounts  that would need to be reported on the FBAR are<aslongas  you meet the filing requirement threshold>: •Bank accounts ,reg. checking and savings,Investment accounts ; Mutual funds ; Retirement and pension accounts .
•Securities and other brokerage accounts



3. Is the foreign National Pension income, or foreign Government Pension income subject to the tax report?


A:I guess it depends; if it is from Korea, then no under the tax treaty between Korean and US;in general, If you are a U.S. citizen / resident alien and you have worked in another country, you may have a pension or retirement plan in that country. Depending on the plan and any tax treaties in effect, you may have to include the income accruing in that plan, or the pension income or distributions from the plan in your income for U.S. federal income tax purposes.According to the IRS, a foreign pension could be fully or partly taxable and the taxable amount would generally be the gross distribution minus your investment( contributions I mean) in the pension or retirement plan. The IRS also points out that you should determine whether a tax treaty applies. You should determine your country of tax residency and then study the treaty to see whether there are articles that deal with pensions, annuities, government payments or social security payments, keeping in mind that each tax treaty is unique. You can find links to information on tax treaties by country on "United States Income Tax Treaties - A to Z" on the IRS website.

However, in general, foreign pension plans are generally not subject to the same beneficial tax treatment in the U.S. as qualified retirements plans established according to U.S. tax statutes. So, employee contributions to a foreign pension or retirement plan would generally not be deductible in the U.S. And a U.S. citizen or resident would generally be subject to U.S. income tax on the employer contributions to the foreign retirement plan and the income that accrues in the plan.

Regarding reporting the income accruing in a foreign retirement account for U.S. tax purposes, if the foreign retirement plan is an employees' trust and you are not considered a highly compensated individual, you would not have to include the accrued income in the plan on your U.S. tax return. But, if the retirement plan is not an employees' trust, or you are a highly compensated individual, you would have to include the accrued income, which is the annual increase in the value of your retirement plan.

According to the IRS, for purposes of pension and retirement plans a highly compensated employee is an individual who owned more than a 5% interest in the business at any time during the year or preceding year, or an individual who received compensation of more than $115,000 for the preceding year ,for 2012 or 2013, or was in the top 20% of employees ranked by compensation.Assuming that distributions from a foreign pension or retirement plan are subject to U.S. income tax, the U.S. citizen or resident could generally claim a foreign tax credit on his or her U.S. income tax return for the foreign taxes paid on the income accrued or the distributions from the plan.

Pleae visit the IRS website for more info in detail; http://www.irs.gov/pub/irs-trty/korea.pdf