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US tax season again

Fragrant Harbour A forum for the large number of pilots (expats and locals) based with the various airlines in Hong Kong. Air Traffic Controllers are also warmly welcomed into the forum.

US tax season again

Old 30th Jan 2009, 10:21
  #1 (permalink)  
Thread Starter
Join Date: Sep 2006
Location: atl
Posts: 33
US tax season again

Just have a quick question for the US citizens based in HK. How do you treat your retirement fund. The only guidance I can find from the IRS treats it as income - (the part CX contributes would only be taxable not the employee contribution). The problem I have with this is if I decided to leave Cx early and am not fully vested. Then I will have paid tax on money that is no longer mine.

tx_dfw is offline  
Old 30th Jan 2009, 12:47
  #2 (permalink)  
Join Date: Jul 2007
Location: www
Posts: 523
yea...get an accountant
Apple Tree Yard is offline  
Old 4th Feb 2009, 19:36
  #3 (permalink)  
Join Date: Jan 2007
Location: Western Hemisphere
Age: 37
Posts: 102
Usab W2

Has anybody from USAB received their W2's yet? Are they mailed to home address or company mailbox? Are they accessible online (via PeopleCX) or some other website.

Waterskier is offline  
Old 5th Feb 2009, 06:47
  #4 (permalink)  
Join Date: Jan 2006
Location: oz
Posts: 20
got mine in the company mailbox.....(by 2nd of february....as US law requires ....)
nairda68 is offline  
Old 8th Feb 2009, 18:24
  #5 (permalink)  
Join Date: Nov 2007
Location: Where You Aren't
Posts: 506
Since the CX retirement contribution is not a US-registered and qualified retirement plan, it is all considered taxable income immediately upon receipt. I'm guessing (but don't take MY word for it) that if you don't have the ability to withdraw it, it's not income yet. Therefore, if you leave CX and don't get it, you've never paid tax on it, so big whoop. However, when you DO take the money, you'll be liable for tax payment on it as a lump sum.

I see your point, and agree, that if you pay tax on all of it now, but have no ability to withdraw that amount on which you've paid tax, and then leave CX and lose that part that's not vested, you'd have paid tax on money you never earned.
Oval3Holer is offline  

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