Question

If I have British pension, but no 1099R. Don't have all info for Turbotax under 1099R or 1099Misc and each appear on dif 1040 lines. Please advise how to enter?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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TurboTax Premier Online

Employee

Our first recommendation is to always enter the UK pension as a substitute 1099-R data entry, where you would information as closely as possible based on the data you have. That way, the pension is actually listed as pension on Form 1040, as you have correctly stated.

Federal Taxes
Wages and Income.
Scroll down to Retirement Plans and Social Security
Select IRA, 401(k), Pension Plans (1099-R)
On the screen Tell Us Which 1099-R you have, select I need to prepare a substitute 1099-R and continue.

However, if electronic errors occur due to 1099-R data entry, for example, you may enter the pension in Miscellaneous Income. As long as IRS has the pension reported and included in total income, it is not problematic. If your pension receives no special tax treatment, you are fine to report it in the miscellaneous income, which is listed on line 21 form 1040.

Federal Taxes
Wages & Income
Scroll down to Less Common Income
Select Miscellaneous Income 1099-A, 1099-C
Scroll down to Other Taxable Income - enter a description and amount; the income will be reported on line 21, Form 1040.

P

peter-ludemann

If the foreign pension has withheld taxes (e.g., Canadian Pension Plan withholds "non-resident" tax), and you want to claim the foreign tax credit, you probably need to use the downloaded version of TurboTax and enter the numbers directly into the 1116 worksheet (the question system seems to assume that all foreign taxes are derived from 1099-INT or 1099-DIV and there are further assumptions that make things painful). Entering the data into the 1116 is a bit tricky, and there isn't enough space here to explain the various details. Good luck.