The Friday Edition
A biweekly newsletter for international tax professionals
What’s New This Week?
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How IRC §402(b) Taxes an Employee on a SIPP’s Investment Earnings
Hello, and welcome once again to The Friday Edition. Phil here, getting into the weedy weeds of foreign retirement plans and in particular U.K. SIPPs. Upcoming A UK SIPP earns money on its invested assets. How is a U.S. citizen participant in the SIPP taxed (or not) on those plan earnings? What a SIPP is A quick recap. A UK SIPP is a retirement plan. It holds all of its assets in a trust. From the perspective of the U.S. tax system, the trust is a foreign trust. It is specifically classified as an employees’ trust, and U.S. plan participants…