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SS/401k Tax

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OregonQPR
8/3/2019 17:37 EST

What would the annual taxation be for a married couple on 80,000 Euros that has come from a mix of US social security and 401k distribution? Any help would be much appreciated.

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dancebert
8/7/2019 11:04 EST

SS isn't taxed under NHR. The only online financial / tax firm that mentions 401ks states in Portugal they're considered pensions, so they're also not taxed.

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OregonQPR
12/4/2019 00:52 EST

If I become a resident of Portugal do I pay taxes in the USA on my US social security payments and IRA withdrawals?

Or are they only taxed in the country of residence (Portugal)?

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craigandmicki
12/4/2019 07:35 EST

To "Oregon...": You will file taxes first in Portugal, then in the US every year. If you owe any taxes in Portugal this is credited against your US taxes owed. Taxes in PT are higher than the US but you can apply for a 10 year tax deferment called NHR. Search Google for these subjects so you can get the right info for your personal situation.

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Jarsten
12/5/2019 10:31 EST

Yes. You will owe US and OR taxes. OR does not tax social security, does it? Also check Oregon Publication 17 (the Oregon department of Revenue guide). It explains when you might not have to pay state taxes when you live abroad. Look up “bona fide” and “physical presence” test on that document. And consult an accountant!

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