Yes, according to IRS FAQ sheet, If you have an interest in a foreign pension or deferred compensation plan, you have to report this interest on Form 8938 if the value of your specified foreign financial assets is greater than the reporting threshold that applies to you. If the total value of your bank accounts and pensions exceed the aggregate value of $50,000 at any time during 2022, then you report these on a 8938. Turbo Tax does handle this reporting. I will outline the steps after we address your additional questions.
Additionally there is an FBAR requirement to file these as well if the aggregate amount of the pensions and accounts exceed $10K. Turbo Tax does not handled this filing but you will report these here.
If the program does not allow a "/", try entering without. The policy number format is not a critical issue as long as you report it.
Also, just as an FYI, according to this IRS FAQ, Income received from foreign pensions or annuities may be fully or partly taxable, even if you do not receive a Form 1099 or other similar document reporting the amount of the income. This would include interest that may have been received or accumulated in your account.
i am not sure of the point you were making about a contribution made to your foreign pension plan. if you are asking if this is a tax-deductible contribution, the answer is no. This tax deduction is only reserved for US based retirement accounts.
Here is the procedure for filing the 8938.
- Open or continue your return if you're not already in it.
- Search for 8938 and select the Jump to link at the top of the search results.
- On the Foreign Financial Assets screen, select Yes, I have foreign financial assets.
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