You can enter the foreign pension income on Form 1040, Line 21 as "other income" or "foreign pension." To report your foreign pension in TurboTax follow these steps: Log in to your TurboTax account if it is not open. Select the Wages & Income tab. Scroll down to Less common income click Show more. On the page Let's Work on Any Miscellaneous Income click on Other reportable income. On the page Any Other Taxable Income? select yes. On the page, Other Taxable Income enter Foreign Pension for the description and the amount. Select continue and answer No on the next page.

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mardler

Solved

Hi - I am receiving two foreign pensions. What do I enter for the Foreign pension payer tax ID? I've tried blank, 11-1111111 and 99-9999999, None of these works!

Forum|Forum|4 years ago
April 2, 2022
1 reply
0 views

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TurboTax Premier Online

Best answer by LeonardS

You can enter the foreign pension income on Form 1040, Line 21 as "other income" or "foreign pension."

To report your foreign pension in TurboTax follow these steps:

Log in to your TurboTax account if it is not open.
Select the Wages & Income tab.
Scroll down to Less common income click Show more.
On the page Let's Work on Any Miscellaneous Income click on Other reportable income.
On the page Any Other Taxable Income? select yes.
On the page, Other Taxable Income enter Foreign Pension for the description and the amount.
Select continue and answer No on the next page.

LeonardSAnswer

You can enter the foreign pension income on Form 1040, Line 21 as "other income" or "foreign pension."

To report your foreign pension in TurboTax follow these steps:

Log in to your TurboTax account if it is not open.
Select the Wages & Income tab.
Scroll down to Less common income click Show more.
On the page Let's Work on Any Miscellaneous Income click on Other reportable income.
On the page Any Other Taxable Income? select yes.
On the page, Other Taxable Income enter Foreign Pension for the description and the amount.
Select continue and answer No on the next page.

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confusedabd

@mardler can you please share what worked for you? and how you did it?

@LeonardS just reporting it as other income increases the tax bill because where/how do you indicate that you already taxes paid on it and due to tax treaty it is only taxable in the country that paid the pension.

Art102

You will need to fill out Form 1116 - Foreign Tax Credits which will offset your US tax obligation dollar for dollar. You convert the foreign taxes you paid to USD first.

But, are you living in the foreign country, or in the USA? Most tax treaties say that the country of residence is where you owe the taxes, even on the foreign country social security pension.

As an example: I used to live in Switzerland, and when living there I paid tax there on my Swiss Social Security and Swiss Company Pension, also US Social Security. When I filed US taxes I took foreign tax credits.

Now I live in the USA and Switzerland no longer taxes me on any of my Swiss based income. Now I claim it as "Other Income" and pay US taxes only and do not need to deal with Form 1116 complications. Note, that I had to maintain documentation on the cost basis of my company pension there as I had paid US taxes on the contributions each year. I only enter the taxable portion in Other income.