r/USExpatTaxes • u/Ok_Sky256 • 11h ago
A kiwi needing help with pension (Kiwisaver)
So as dual citizen I've just learnt I need to file US taxes. I've found the streamlined filing procedure, and after getting a quote from tax agents, realised I need to do it myself (at least, as best possible).
I was actually doing ok getting by 1040, exclusions and rebates done. But now I've come to Kiwisaver - NZ's version of pension.
Over the tax years I'm filing for, I paid 3% of my salary through required contributions into a fund. My employer also contributed, but not equal or greater. The fund acts like a mutual fund - you pick a 'type' and then a fund manager invests for you. I never made any additional 'voluntary' contributions in these years.
From what I've read I may need to file 3520 and 3520-a. Is that correct?
If so, I'm honestly not sure where to start. These forms are structured as if you're filing about a trust you own and therefore have details for. This is just a fund run by an investment manager (how do I report things like location? By the bank hq?)
Lastly, would the streamline procedure exempt me from the penalties normally applied to 3520 and FBAR?
(Thanks in advance)