Peter Scheller
Berater für Wirtschaftsprüfer, Rechtsanwälte, Steuer- und Unternehmensberater

„Wenn es knifflig wird.“

Attention: Change in the taxation of qualified US pension plans

von Autorenteam

So far, withdrawals to persons who are tax resident in Germany were only taxed on the difference between the withdrawal and attributable contributions. If the recipient of the payment had reached the age of 60 and the plan had been in existence for more than 12 years, only half of the difference was taxed.

This rule applies to all qualified US pension plans. These are, for example, 401(k) plans or traditional IRAs.

Notes:

From January 1, 2025, withdrawals from these US retirement plans will be subject to full taxation in Germany.

New rules on rollovers will also apply from January 1, 2025.

Payouts from Roth plans will remain subject to the previous rules.

We will provide detailed information on this shortly.

Authors:

Peter Scheller, Steuerberater, Master of International Taxation

Alexander Wangerowski, Steuerberater

Bildquelle: www.foltalia.com

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