Question

How do I report pension income from a canadian university pension plan?

Forum|Forum|3 years ago
March 28, 2023
1 reply
0 views

I have a pension from a Canadian university on which they withhold Canadian federal taxes. Do I treat that just like Canada Pension Plan payments?

TurboTax Deluxe Online

JohnB5677

if you're a U.S. resident, you'd enter your Canadian CPP and OAS benefits as though you'd received a Form SSA-1099 from the Social Security Administration.

Start at Federal

Select Wages & Income
Scroll to Retirement Plans & Social Security [Show More]
Select Social Security (SSA-1099, RRB-1099)
Continue the interview.
Enter the total Canadian CPP and OAS payments you received during 2022 in Box 5
- If you already have something in Box 5 from a previously entered SSA-1099, add your CPP/OAS benefits to the amount already there
- In the uncommon situation where taxes were withheld from your payments, enter the total withheld during 2022 in Box 6
Select Continue and continue the interview.

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M

muskatelAuthor

Thanks. That deals with the CPP income. Can I treat the private university pension plan the same way? Also, the deductions for taxes for both plans are deductions paid to the Canadian government, not the IRS. Aren't I supposed to claim the tax credit using Form 1116?

Thanks again.

AmyC

Employee

1. Income should be entered in the area that matches.

The easiest spot to enter the income is under the Canadian Pension Income.
However, it sounds like the more accurate spot is the 1099-R. This is a little trickier as you have to use all ones for the EIN.
There is even a third option, under Other income, miscellaneous income, and enter the description and amount.

The goal is to have the income reported as accurately as possible. However, if the IRS asks, they will be glad to see the income is reported and the proper tax is paid. All 3 of these options will tax your income correctly.

2. You do want to use the Form 1116 to report foreign tax paid on the income to receive a credit. For pictures and instructions, please see another post of mine here.