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Deductions & credits
It would be best to report foreign pension income as if it was reported to you on a Form 1099-R like you do with domestic pension income. Since you don't have such a form, you need to prepare a substitute Form 1099R as follows:
- Find the Retirement Plans and Social Security menu option
- Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Choose Add (Another) 1099-R
- Choose I'll type it in myself
- On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-R
Then, complete the Form 1099-R pension income entries.
A less optimal method of reporting it would be to enter it as "Other" income as you mention, as follows:
1. From the Federal menu in TurboTax find Wages and Income
2. Find Less Common Income
3. Choose Miscellaneous Income, 1099-A, 1099-C
4. Choose Other Reportable Income
The problem with this method is you may be entitled to a pension income exclusion on your state return which will be hard to achieve when you report the pension income as other income.
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‎February 29, 2024
8:17 PM