MarilynG1
Expert Alumni

Deductions & credits

If you enter a fictitious 1099-R in TurboTax to report foreign pension income, you have to use a 'fake EIN' which may not allow you to Efile.  Remember that the IRS gets copies of 1099-R's; they won't have one for you, so you may get a letter from them. 

 

If you use Form 4852 (Substitute for 1099-R), you will have to file by mail.

 

Reporting as Less Common Income > Miscellaneous Income > Other Reportable Income is a more accurate way to report.

 

Retirement Income reported on a 1099-R and Miscellaneous Income are taxed the same; at your individual tax rate.  There is no added/subtracted social security taxes (or other taxes). 

 

Be sure to take the Foreign Tax Credit if you paid tax on this income to another country. 

 

Click this link for more discussion on Reporting Foreign Pension Income

 

 

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