Question

Naturalized US citizen receiving lump sum pension from his overseas life and work

Forum|Forum|1 year ago
June 6, 2024
1 reply
0 views

Hello,

I’m a Naturalized US citizen. I migrated more than 22 year ago. I just received lump sum pension from my overseas life and work.

Please, how do I report this and if I have to pay any tax about it?

Thanks

TurboTax Deluxe Online

rjs

Employee

RUN to a tax professional or tax lawyer who is familiar with the U.S. tax treatment of pensions from your country. I say run because you might have a limited amount of time to avoid or defer paying tax on the lump sum, perhaps as little as 60 days. The options are different for different countries, and might depend on a tax treaty between the U.S. and the other country. This is not a do-it-yourself project. You need an expert with specialized knowledge. The expert that you consult will be able to tell you how to report the lump sum.

C

CarlitosWayAuthor

Thank you for the advice, I wonder if there is any of the professionals or services in TurboTax that can provide this guidance.

P

pk12_2

Employee

@CarlitosWay , while I agree with @rjs that professional help may be required (depending on your own familiarity with US tax regs on pension ) I would first familiarize myself with (a) tax treaty between US and that other country ; (b) source of the pension i.e. local govt. / social security equivalent in that country, private employer, providend fund or similar , annuity / insurance etc. . etc. etc. ); (c) your own contribution if any etc.

If you need more help on this , please consider providing the above details and I would be happy to help. Note that if you feel that this is not of general interest or otherwise do not wish to put info on this public board , you are quite welcome to PM me and I will come back. In any case , please NO PII ( Personally Identifiable Information).

pk