Don't forget to check if you had any after-tax contributions to your original 401k! If you did, part of your distribution might be non-taxable even without considering the rollover status. This will be shown in Box 5 of your 1099-R as the "Employee contributions/Designated Roth contributions or insurance premiums.

Great question! Yes, you'll definitely receive a 1099-R form, and it will come from your old 401k plan administrator (not Fidelity). Since you did a direct trustee-to-trustee transfer, this should be a non-taxable event, but you still need to report it on your tax return. The key thing to look for when you receive the 1099-R is Box 7 - the distribution code. For a direct rollover like yours, it should show code "G". If it shows anything else (like "1" or "7"), you'll want to contact your old plan administrator to get it corrected, as those codes could trigger unnecessary taxes. You should receive the 1099-R by January 31st, so definitely wait for it before filing your taxes. Even though the rollover isn't taxable, the IRS needs to see that you properly reported the distribution and rollover on your return. Most tax software will walk you through this process once you have the form in hand. Congratulations on making a smart move with the direct transfer - that's the cleanest way to avoid any potential issues with the 60-day rollover rule!

IMPORTANT: The risk really depends on the total value of your foreign accounts. If your aggregate balance is over $10,000 (which I assume it is since you filed FBARs), you definitely should have completed line 7b correctly. While many people here are saying it's no big deal, the penalties for FBAR-related issues CAN be severe if the IRS decides to pursue them. Non-willful violations can be up to $10,000 per violation, and willful ones much more. That said, if you've filed your FBARs on time and correctly, forgetting just the country name on Schedule B while still checking "Yes" on 7a is likely to be viewed as a minor oversight rather than an attempt to hide accounts. If I were in your shoes, I'd file an amended return just for peace of mind.

I went through a very similar situation last year and can share what I learned. The key distinction is between what you did (left 7b blank but checked "Yes" on 7a) versus completely failing to disclose foreign accounts. Since you properly filed your FBARs and indicated "Yes" on line 7a, you've essentially disclosed that you have foreign accounts - you just didn't specify the countries. The IRS has all the detailed information they need from your FBAR filings, including the specific countries. That said, with $35,000 in foreign accounts, I think your decision to file an amended return is the right call. It's a relatively simple fix that eliminates any potential questions down the road. When I amended for a similar issue, I just attached a brief explanation noting it was to correct an inadvertent omission of country names on Schedule B, and there were no follow-up questions. The peace of mind from having everything properly documented is worth the small effort of filing the 1040-X. Plus, it shows good faith compliance if the IRS ever does review your return.

I'm new to this community and this international tax situation, but I wanted to share something I discovered that might help others in similar circumstances. I recently moved to Sweden and was facing the same confusion about IRA and HSA withdrawals as a non-resident alien. The conflicting information online was overwhelming, and I was particularly concerned about the Swedish tax implications on top of the US requirements. After reading through this thread, I decided to try both taxr.ai and Claimyr that were mentioned earlier. The taxr.ai service was incredibly helpful for understanding how the US-Sweden tax treaty (Article 18) applied to my specific situation. They identified that Sweden has a unique provision that could actually eliminate double taxation on retirement distributions in certain circumstances. What really impressed me was how they explained the interaction between US withholding taxes and Sweden's foreign tax credit system. Turns out the timing of when I make withdrawals relative to my Swedish tax residency status could make a significant difference in my overall tax burden. For anyone else in Scandininavian countries, I'd definitely recommend getting specialized advice because the tax treaties here have some unique features that general US expat information doesn't cover. The investment in professional guidance has already saved me from making some costly mistakes. Has anyone else dealt with Nordic country tax treaties? I'm curious about experiences in Norway or Denmark specifically.

This is such a comprehensive and helpful discussion! As someone new to navigating international tax implications for retirement accounts, I'm amazed by how complex these situations can be and grateful for all the real-world experiences shared here. I'm currently in the early stages of planning a potential move to New Zealand and have both a traditional IRA and HSA that I'm concerned about. Reading through everyone's experiences with different countries has really opened my eyes to how much the specific tax treaty provisions can vary. A few questions for the group: 1. Has anyone dealt with New Zealand specifically regarding US retirement account withdrawals? I'm curious how their tax treaty provisions compare to some of the other countries mentioned here. 2. For those who used specialized tax services, how far in advance of making actual withdrawals did you seek advice? I'm wondering if I should get clarity now during the planning stage, or wait until I'm actually established as a tax resident abroad. 3. The point about potential continuing state tax obligations is really concerning - I'm currently in Oregon. Does anyone know if Oregon has similar aggressive policies to California regarding former residents? The experiences with services like taxr.ai and Claimyr mentioned throughout this thread sound really valuable. It seems like the investment in proper guidance upfront could save significant money and stress later on. Thank you to everyone who has shared their experiences - this thread has become an incredible resource for understanding these complex international tax situations!

Line 18 gave me headaches too! Does anyone know if you can go back and amend returns from previous years if you think you didn't get the right CTC amount? I think I might have had the same issue for the past 2 years.

I went through this exact same confusion last year! The key thing to understand is that line 18 shows your total Child Tax Credit after all the complex calculations, but it's not always the simple $2,000 per child math we expect. A few things that might explain your $2,800 vs $4,000 discrepancy: 1. **Tax liability limitation**: The non-refundable portion of the CTC can't exceed your actual tax liability. So if you only owed $1,400 in taxes, that's the max you could get from the non-refundable portion. 2. **Earned income threshold**: The refundable portion (Additional Child Tax Credit) has its own calculation based on your earned income. If your earned income is below certain thresholds, you might not get the full refundable amount. 3. **Other dependents**: Make sure both kids qualify as "qualifying children" for CTC purposes (under 17 at end of tax year, meet relationship/residence tests, etc.). I'd strongly recommend pulling up your Schedule 8812 - that's where all the CTC math happens. It will show you step-by-step why you got $2,800 instead of $4,000. TurboTax should have generated this schedule automatically if you claimed the CTC. Don't beat yourself up over this - the CTC calculation is genuinely complicated and even tax professionals sometimes need to double-check the worksheets!

Wait, I'm confused about something. If you contribute property with a $1,000 basis but $0 fair market value, and later the partnership liquidates and you get nothing back for your interest, do you get to claim a $1,000 loss at that point? Or did you essentially lose the ability to claim that loss by contributing it instead of selling/disposing of it personally?

Before you make any decisions about contributing the collectible to the partnership, I'd strongly recommend getting professional advice on this specific situation. Partnership basis rules are one of the more complex areas of tax law, and there are several strategies you might want to consider. One approach others have mentioned is claiming the loss personally before the contribution. Another option could be structuring the partnership agreement to handle the built-in loss allocation more favorably. You might even want to explore whether this qualifies as a theft loss under Section 165, which could give you different tax treatment than a regular capital loss. The key issue is that once you contribute property with built-in loss to a partnership, you're locked into the Section 704(c) allocation rules, which can be restrictive. But if you handle the loss before the contribution, you might have more flexibility and better timing for the tax benefit. I'd suggest consulting with a tax professional who specializes in partnership taxation before you finalize your contribution strategy. The $1,000 loss might be significant enough to warrant getting the planning right from the start.