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February 17, 2025
Question

How do i enter my wifes foreign pension from Canada in TurboTax?

  • February 17, 2025
  • 1 reply
  • 0 views

My wife recieves a monthly Canada Pension check. She is now a US citizen and we both live in the US.
Since we live in Texas we do not have to file a State tax return. 

Where in TurboTax Premium do I enter the total amount of money in US dollars that she receives each year?

    1 reply

    February 17, 2025

    You need to enter a substitute Form 1099-R in TurboTax to report her pension income.

     

    To enter a substitute form 1099-R in Turbo Tax Desktop follow these instructions:

     

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

     

    To enter a substitute form 1099-R in Turbo Tax Online follow these instructions:

     

    1. Find the Retirement Plans and Social Security menu option in the Wages and Income section of TurboTax
    2. Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
    3. Choose Add (Another) 1099-R
    4. Choose I'll type it in myself
    5. Choose the source of your 1099-R form
    6. Enter your pension income into the Form 1099-R entry screens
    7. When you come to the screen that says Do any of these situations apply to you? Check the box that says I need to file a substitute 1099-R and follow the instructions

    You enter the distribution amount in box 1 and choose a code for box 7 that best explains the purpose of the distribution. Code 7 is used for a normal distribution.

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