I had a CPA do this last year as it was the first year we received a National Pension from the UK, but I can't figure out how to file this year, even though I have his example, and Turbo Tax Home and Business is not giving me clear answers/guidance.
First off, we ALWAYS mail our forms in, so electronic submit is not a goal.
1. My husband has some savings in 2 banks in the UK, they get minimal action.
2. There is a small amount of interest from these accounts.
3. He gets a small amount of dividends from a few stocks he has in the UK, .
4. He gets a corporate pension by direct deposit to the US.
5. We both get a UK National Pension by direct deposit to the US.
I have totaled all of this, and it's below $95,000. So I gather that I don't need to submit the form that starts with B that I can't remember the name of? Which is a huge relief.
A. Under what category, and with what form/s do I need to submit:
---The UK National Pension (the equivalent of US SS)?
---The Corporation Pension from the UK (was I correct in doing it with a 4852 form, since they send us the UK version of a 1099, but it's completely different and even uses a different calendar year.) ?
---Do I need to enter the UK foreign bank interest differently than the US bank interest?
---I haven't got into entering the UK stock dividend info yet, but do I need to do anything special if it's not a lot?
7. Lastly, for 8 months we received our UK National pensions while also receiving our US Social Security benefits. Eventually US SS figured out how much money we owed back to them , and my husbands US SS for 2022 was actually minus $309.08 in the end. (It was complicated and a one time event).
As there is a way to report Social Security Benefits on our taxes, is there anyway to report a minus amount?
Thank you very much for anybody who can clarify this in layman's terms, as I'm getting a headache dealing with it all. 🙂
