You need to report the pension income by making a subsititute form 1099-R entry in TurboTax as follows:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Choose the Retirement Plans and Social Security menu option
- Choose IRA, 401(k), Pension Plan Withdrawals(1099-R)
- Choose the enter 1099-R option
- Choose Change how I enter my form
- Choose Type it in myself
- Choose Financial institution or other provider (1099-R)
- Enter in as much information as you can regarding the pension income
- Work through that section until you see Do any of these situations apply to you?
- Choose I need to file a substitute 1099-R
- Complete the information requested
You will use code 7 in box 7, assuming the distribution is a normal distribution.
You would only have a FACTA filing requirement if your foreign assets are $50,000 or more on the last day of the year, or $75,000 or more at other times during the year.
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