This is a complex one but many people in my company will soon face this issue.
I worked for the international branch of my company in Asia. Was awarded 5000 RSU on joining and paid tax on all of this amount (per Singapore law) prior to leaving Singapore 2 years later and taking on a role in the US. Iโm not a citizen.
So the first 2year of vested RSU is clear (I think) - no US tax required. When the company IPOs next year if I am mistakenly taxed on the stock I vest before moving to the US I will claim all that tax back. Is this correct?
The rest โvestedโ while living in the US so I guess is classed as US income? Fine. So I have paid tax on this income in advance in Singapore so how would I claim this back? Could I do this using turbo tax or would I need a tax guy?
Do I need to prepare any evidences from Singapore to provide when filing the taxes? I believe I still have the tax demand notices breaking down the amounts but not sure if you provide evidence when filing taxes in US as I never did it before.
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But, in general, there are provisions for you to get credit for taxes paid to another country.
Get professional advice.
If their value is high you might need to report FBAR though, so check that out.
If you do sell as a US tax payer, the custodian of the stock should provide documentation about the sale, including the tax basis (the amount from which you need to pay capital gains).