Does someone have to claim overseas retirement accounts?

Answer According to the Internal Revenue Service, Americans who receive income on foreign or overseas retirement accounts must claim them on their tax returns and pay taxes on the amount collected.Source:... Read More »

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Do you have to claim your retirement funds in bankruptcy?

Retirement accounts like IRAs and 401(k) plans are exempt from claims during a bankruptcy case, according to the Department of Labor. However, Roth IRAs are limited to $1,095,000 in protection, but... Read More »

Does the FDIC insure retirement accounts?

The Federal Deposit Insurance Corporation (FDIC) does insure retirement accounts. The FDIC sets limitations on how much some accounts can be insured for. For example, accounts like Roth IRAs, SEP-I... Read More »

How does someone enlist in the U.S. Military from overseas and you are a U.S. citizen?

You'll have to return stateside at some point. If you're in a country where there's a large permanent US military presence - such as Germany - there'll be the means to actually recruit you from the... Read More »

Are SEC 125 retirement accounts deductible?

Section 125 plans are not deductible. However, these plans, also called "Cafeteria Plans," allow employees to put aside funds in an account for certain benefits on a pre-tax basis. For instance, an... Read More »