I am trying to add my foreign pension to my turbotax deluxe report and not succeeding. What do I have to do?

Forum|Forum|1 year ago
February 20, 2025
1 reply
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I am a resident of Germany, filing my US return from abroad.

Best answer by DaveF1006

The best way to report is to report it as a pension distribution by creating a substitute 4852. This is done by:

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. Be sure to list the name and address of the issuer of the German pension. If they don't have an EIN, you can use 99-0999999 so you can electronically file.

If you have difficulties filing this in this manner, you can file it in this manner instead.

From the Federal menu in TurboTax find Wages and Income
Find Less Common Income
Choose Miscellaneous Income, 1099-A, 1099-C
Choose Other Reportable Income
Here, describe this as German Pension and the amount.

Reach out if you have additional questions. We are here to help.

DaveF1006Answer

The best way to report is to report it as a pension distribution by creating a substitute 4852. This is done by:

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

If you have difficulties filing this in this manner, you can file it in this manner instead.

From the Federal menu in TurboTax find Wages and Income
Find Less Common Income
Choose Miscellaneous Income, 1099-A, 1099-C
Choose Other Reportable Income
Here, describe this as German Pension and the amount.

Reach out if you have additional questions. We are here to help.

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gregko

My wife receives a small retirement pension in a European country. We are now US citizens. How do I enter this earnings in Turbo Tax Deluxe - same as above answer, in a substitute 1099-R form? How do I convert foreign currency to USD for reporting, with the constant exchange fluctuations?

DaveF1006

No. Enter this in as other income. In converting money to USD, you may use an average currency rate during the year since there were constant fluctuations. To enter the income.