Question

Pension Income from the UK

Forum|Forum|6 years ago
January 30, 2020
1 reply
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I have a monthly private pension from the UK. Of course they do not send me a 1099R, Right now I have set it up as a 1099 items and included all the detail but have a problem on the RMD question, I believe that RMD is no applicable in this case as it is a foreign entity. Am I correct. How do I answer the question on the "About this Retirement Account"

Lastly, how do I go about explaining the reason for lack of a 1099R. Is there a form for this?

Thank You

K

KarenJ2

I cannot find any information regarding RMSs for foreign accounts. See the below information from the IRS.

What types of retirement plans require minimum distributions?

The RMD rules apply to all employer sponsored retirement plans, including

profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs.

The RMD rules also apply to Roth 401(k) accounts. However, the RMD rules do not apply to Roth IRAs while the owner is alive.

IRS and Required Minimum Distributions FAQ

You would just explain the the income was received from a UK pension so no 1099-R was received.

If you paid UK tax on the pension, you can claim a foreign tax credit to offset double taxation.

Please make sure to file 2 reports regarding foreign financial assets if the requirements apply to you. If they apply you would want to enter your foreign pension information.

Please see below for the requirements to file the 2 financial statements.

Comparison for Form 8938 and FBAR Requirements.

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