Another option is to report as Other Income. Here are the steps:
In TurboTax online,
- Sign back into your account, select Pick up where you left off
- To your left, select Federal
- From the top, select Wages and Income
- Scroll down to last section -Less Common Income -select Miscellaneous Income, 1099-A, 1099-C- Start
- Next screen, scroll down to Other Reportable Income- Start
- Follow prompts
As long as you report it on your return as a taxable event, IRS will likely accept it though it's not reported on any tax forms like a 1099. If you have paid taxes to both foreign and the US tax authorities on this distribution, the IRS allows you to claim a foreign tax credit on your US tax return. To see how you enter in the program, click here: Form 1116. It will show on line 1 Schedule 3 and line 20 of your Form 1040.
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