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How do I claim a distribution from a foreign trust?

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Question
How do I claim a distribution from a foreign trust?

Answer

Foreign-Source Income - You must report unearned income, such as interest, dividends, and pensions, from sources outside the United States unless exempt by law or a tax treaty. You must also report earned income, such as wages and tips, from sources outside the United States.

If you worked abroad, you may be able to exclude part or all of your foreign earned income.

Foreign retirement plans. If you were a beneficiary of a foreign retirement plan, you may have to report the undistributed income earned in your plan. However, if you were the beneficiary of a Canadian registered retirement plan, see Form 8891 to find out if you can elect to defer tax on the undistributed income.


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Views: 1591 Created on: Jun 15, 2013
Date updated: Dec 01, 2021
Posted in: Income

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