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Retirement tax questions
To enter a foreign retirement in TurboTax online program, you will need to create a substitute form 1099-R.
Here are the steps:
- Sign in to your account and select Pick up where you left off
- At the right upper corner, type in 1099r, then Enter
- Select Jump to 1099r
- On-screen, Your 1099-R, answer Yes and select Continue
- Next screen, Choose your bank or brokerage, select I'll type it in myself
- On the screen Tell Us Which 1099-R You Have, check the box I need to prepare a substitute 1099-R and follow the prompts.
As to the Federal ID, if your foreign issuer does not have the ID number, try entering nine 9s. If electronic errors occur due to 1099-R data entry, enter the pension under Miscellaneous income, see below instructions. As long as the IRS has the pension reported and included in total income, it is not problematic.
- 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
For more information, see http://www.irs.gov/Businesses/The-Taxation-of-Foreign-Pension-and-Annuity-Distributions
‎June 6, 2019
1:53 AM