How do I report Singapore Central provide fund (retirement acct) closure/withdrawl on US Taxes? The money was contributed several years ago prior to moving to US.

Forum|Forum|1 year ago
March 9, 2025
1 reply
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https://www.cpf.gov.sg/member/account-services/account-closure/closing-your-account-when-you-leave-singapore

pk12_2

Employee

@vmorishetty , since there is no Tax Treaty between US and Singapore,

(a) are you a US person ( citizen/GreenCard) ?

(b) From your post it seems you are no longer a Singapore resident or citizen ?

Generally,

(a) when there is no distribution, you will still come under FBAR ( form 114 , on line at FinCen.gov ) and FATCA ( form 8938 along with your yearly return ). See here for details :

Comparison of Form 8938 and FBAR requirements | Internal Revenue Service

(b) Post distribution , you have to treat this income just like an annuity / pension ( non-qualified ) i.e. it is all taxable income for US purposes.

(c) If Singapore taxes this income/ distribution, that tax is not eligible for Foreign Tax credit / deduction because there is no tax treaty in effect.

Is there more I can do for you ?

vmorishettyAuthor

Thank you Pk. I am no longer Singapore PR and the contributions are made several years ago prior to taking up US Citizenship. Last year, I have closed the Singapore CPF account and took the distributions.

What forms should I submit to report the distributions?

pk12_2

Employee

@vmorishetty , Namaste ji

You should be reporting this distribution on a form 1099-R ( pension benefits ). Box 1 and Box 2a should show the same -- total amount of distribution i.e. all is taxable. Box 7 code should be 7 ( normal distribution ).

If you want to be more of a challenger , you can try with Box 2a blank, and check Box 2b and Box 2c. This will lead TurboTax to ask questions and allow you to provide information on your total contribution to the plan ( assuming that this amount was after tax monies that you put into the account ). Thus the taxable amount would be your employer's contribution and any growth of contributions. However, you then have the burden of proving that your contribution total was with after tax income. This should be more tax beneficial but obviously more challenging to prove.

Is there more I can do for you ?