It would be best to report foreign pension income as if it was reported to you on a Form 1099-R like you do with domestic pension income. Since you don't have such a form, you need to prepare a substitute Form 1099R as follows: Find the Retirement Plans and Social Security menu option Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R) Choose Add (Another) 1099-R Choose I'll type it in myself On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-RThen, complete the Form 1099-R pension income entries. A less optimal method of reporting it would be to enter it as "Other" income as you mention, as follows: 1. From the Federal menu in TurboTax find Wages and Income 2. Find Less Common Income3. Choose Miscellaneous Income, 1099-A, 1099-C4. Choose Other Reportable Income The problem with this method is you may be entitled to a pension income exclusion on your state return which will be hard to achieve when you report the pension income as other income.

Question

How do I report foreign pension income?A year ago it got added as "other income" to schedule 1 but I have no recollection how it landed there.

Forum|Forum|2 years ago
March 1, 2024
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T

ThomasM125

It would be best to report foreign pension income as if it was reported to you on a Form 1099-R like you do with domestic pension income. Since you don't have such a form, you need to prepare a substitute Form 1099R as follows:

Find the Retirement Plans and Social Security menu option
Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
Choose Add (Another) 1099-R
Choose I'll type it in myself
On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-R

Then, complete the Form 1099-R pension income entries.

A less optimal method of reporting it would be to enter it as "Other" income as you mention, as follows:

1. From the Federal menu in TurboTax find Wages and Income

2. Find Less Common Income

3. Choose Miscellaneous Income, 1099-A, 1099-C

4. Choose Other Reportable Income

The problem with this method is you may be entitled to a pension income exclusion on your state return which will be hard to achieve when you report the pension income as other income.

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N

neptunes

A substitute does not work because the form is stuck where it asks the payer's I.D. Foreign Governments do not have this id and turbotax will not file unless this box is filled with an acceptable number.