You have two options to report this income: Option 1 (Best choice) : You can enter the foreign pension/retirement income on Form 1040, Line 8 as "other income" or "foreign pension." You won't need a Payer ID, state or zip code with this approach. The IRS wants the pension reported as income - unless your pension receives special tax treatment, it is perfectly OK to report it as Miscellaneous Income. To make entries on Line 8, go to the Other Reportable Income interview, the very last interview in Wages and Income (Federal Taxes > Wages & Income > Less Common Income > Miscellaneous Income). In TurboTax Online, enter "other reportable income" in the Search Box and then select "Jump to Other Reportable Income". If you choose this way, then you won't have to create a substitute Form1099-R, by filing Form 4852 and you won't encounter e-file errors over the Payer ID. However, the end tax result (in terms of United States tax rate and amount assessed) will be identical under both methods. Option 2: Prepare a Substitute Form 1099-R and a Form 4852 to report the foreign pension/retirement income on your tax return. In the Retirement Income interview for Pension Plans (Form 1099-R), check "I need to prepare a substitute Form 1099-R" and follow the instructions in the interview.

Question

Hi' How can i file a IRA withdrawal that comes from a canadian bank cause i do not have a 1099R?

Forum|Forum|5 years ago
February 23, 2021
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TurboTax Deluxe Online

T

ToddL99

You have two options to report this income:

Option 1 (Best choice) : You can enter the foreign pension/retirement income on Form 1040, Line 8 as "other income" or "foreign pension."  

You won't need a  Payer ID, state or zip code with this approach.
The IRS wants the pension reported as income - unless your pension receives special tax treatment, it is perfectly OK to report it as Miscellaneous Income.
To make entries on Line 8, go to the Other Reportable Income interview, the very last interview in Wages and Income (Federal Taxes  > Wages & Income  > Less Common Income > Miscellaneous Income).
In TurboTax Online, enter "other reportable income" in the Search Box and then select "Jump to Other Reportable Income".
If you choose this way, then you won't have to create a substitute Form1099-R, by filing Form 4852 and you won't encounter e-file errors over the Payer ID.

However, the end tax result (in terms of United States tax rate and amount assessed) will be identical under both methods.

Option 2: Prepare a Substitute Form 1099-R and a Form 4852 to report the foreign pension/retirement income on your tax return.

In the Retirement Income interview for Pension Plans (Form 1099-R), check "I need to prepare a substitute Form 1099-R" and follow the instructions in the interview.