Skip to main content
June 17, 2020
Question

Chinese Social Security Pension; Chinese Bank information

  • June 17, 2020
  • 1 reply
  • 0 views

Hi there! I am filing my individul income using Premier Plus, Turbo Tax currently. Where to enter my social security pension received from China and where to enter my Chinese Bank Account Information?   My email :  [email address removed]        THANKS!              Mr. Yu 

1 reply

Employee
June 18, 2020

To declare ownership of a foreign bank account, there is a question in the personal information section after your name and address, "do you own or control any foreign bank accounts."  Check yes.  

 

If you need to file a FACTA form 8983, that is included in Turbotax and you should be asked about it if you indicate you control a foreign bank account.  If you need to file an FBAR, that is done separately and is not included in Turbotax.  See these links for more information.

 

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

 

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

 

Your pension is "other income", look at the bottom of the Wage and Income page for "other uncommon income."  If you pay income tax in China on this money, there is a deduction or credit for foreign taxes paid, that will be on the Deductions and Credits page, probably under "Other taxes paid" or under "Other uncommon deductions."

 

Basically just follow the interview and don't skip over any sections, and you should be taken to everything you need.