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[SFBay] Early distribution of pension trust capital and California taxes

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[SFBay] Early distribution of pension trust capital and California taxes

From: <click for textversion of email address >
Date: Wed, 15 Mar 2006 15:03:21 -0600
X-Mailer: Perl SendMail Module 1.06

Hello everyone

Last year after having moved from Switzerland to California, we decided to
withdraw the capital from our pension trusts (Pensionskasse). Required by Swiss
laws, we then paid taxes on this capital (Quellensteuer). Now, as we are
preparing for the US tax filing, our tax lawyer tells us that for the US
federal taxes, there is a tax treaty protecting us from paying double taxes on
early capital from pension trusts. However, he also says that will be expected
to pay taxes on the capital to the State of California because based on the
California Revenue and Taxation Code, this capital is treated as income not as
asset.

Did anybody make similar experiences? What were the solutions (if there are any)?
Received on Wed Mar 15 2006 - 21:41:47 PST

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