# form 8854 part V questions



## WSquared

I renounced US citizenship in Jan of 2012 and am finally filling in my form 8854 to say the final sayonara. Been in the UK since 1998 and a British citizen since 2003.

I have been a good boy by filing returns, and paying through the nose to have my returns prepared in the UK due to the complex UK/US tax treaty that I still don't understand the details of, all to owe either $0 or nearly $0 each year (those damn PFICs!!). I have assets of way way way less than $2m.

So, the form 8854 should be a piece of cake. But I still have to fill in Part V which means getting loads of details about not just what my assets are worth now, but how much I bought them for (US adjusted basis - what a stupid confusing term).
The house is easy. The bank accounts are easy.

But my pensions are much harder as money has come out of my salary each month at various different rates over the years on a continual basis. I don't have any idea of how much I or the companies I have worked for have put into them since they were first started.

Lines 6 & 7 in part V are not listed or explained in the instruction guide.

I have two company-contributed pensions (retirement plans) in the UK (like a 401k), but I don't know whether these need to be listed. On most other US tax forms these company pension schemes do not need to be listed. Usually, it is just private retirement plans that need to be listed.

I also have a US govt Thrift Savings Plan (401k) retirement plan from when I worked for the DoD as a Co-op student. It is hardly worth anything, but I would have to try to get details of it if it needs to be listed on line 6.

Does anybody have a view if company pension schemes (ala 401k) should be listed on lines 6 & 7?

Many Thanks,
William


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## WSquared

Since I got no responses on here, I phoned up the IRS and was put through to the Advanced Individual Tax team, only to be told that they do not answer any questions on form 8854. Not just that team, but apparently nobody in the IRS. The lady knew what the form was, but she simply said that if my questions are not answered by the accompanying instructions, I would have to seek professional legal/accountancy advice. What a load of rubbish, and another example why I renounced. 

I asked and they wouldn't answer... So my form is printed, signed, and ready to go with $0 listed for part V lines 6 & 7 since all other IRS forms talking about pensions refer to privately (individually) funded non-company (non-401k type) pensions, which I don't have.


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## Bevdeforges

I honestly think that most of those FATCA forms and the ones related to ex-citizens bidding adieu to the US were whipped up in response to the rather insane legislation the Congresscritters created to try to look like they were "doing something" in the run-up to their next elections.

If the IRS can't give you any guidance on them, you have to wonder how thoroughly they're going to follow up on whatever you send them. Make a good faith effort and just make sure they don't look like you're "hiding something." That will probably be the end of it.
Cheers,
Bev


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