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You will report your wife’s pensions from Italy and the UK in TurboTax by creating substitute 1099-Rs (Form 4852).  Complete a Form 1099-R as if you received the correct form. Enter as much info about the payer as you can, including name, address, and the amounts for 2025. Then complete the info for the substitute form.  Enter the foreign pension gross amount in USD in Box 1 and taxable amount in Box 2a, in Box 7 use Code 7 for normal distribution, use 99-0999999 for the EIN.   Follow the steps below:   Open your return Select Wages & Income Scroll down to Retirement Plans and Social Security Select Start by IRA, 401(k), Pension Plan Withdrawals (1099-R) Choose to add a 1099-R Select Enter a different way and Type it in myself or Select Financial Institution or other provider and Continue (This depends on if it’s the first time that you entered retirement income or if you have already gone through entering retirement) Select the down arrow at Address Type and select Foreign Address Enter your information as instructed above.  Check the box I need to prepare a substitute 1099-R on the screen “Do any of these situations apply to you?”  TurboTax will guide you through creating Form 4852 for the substitute 1099-R. Refer to the TurboTax Help article  Where do I enter my 1099-R? for more details.

Ah thanks, I thought this felt overly complicated, glad it's not just me.   I found an "iShares tax reporting statement xls" but don't think it's the right one (and it won't even open properly)... I asked Grok and it pointed me to this instead...   https://costbasistools.com/gold/iau.php   ...after plugging in some test numbers it looks like it gives me the "Cost Basis of Ounces Sold" for each month, I assume that's the "Box 1e - Cost or other basis"? That's all I need right?   ...so I just need to find the original purchase date/price on the Vanguard website, anyone know exactly where to find it? *and what do I do if there are multiple purchase dates/prices?   *and can someone please confirm that... - Sales section (I selected "Unknown term basis not reported to IRS") - What type of investment did you sell (I selected "collectible") ...is correct?   Thanks

Please clarify if the UPE is 'Unreimbursed Partnership Expenses'  and you  no longer have a basis in the partnership, then this is considered capital investment income. Report the income as an investment gain by using the instructions below. Your cost basis will be zero and the selling price will be what you received in excess of your basis. Notice to select 'Other' as your category.   To enter your sale in TurboTax, follow these steps.  Open or continue your return. Navigate to the investment sales section: TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open TurboTax Desktop: Search for investment sales and then select the Jump to link. Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other Answer Yes to the question Did you sell any of these investments in 2025?  If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments. Click this link for more information. Where do I enter Investment Sales?

Since we can't see your return in this forum, I'd suggest stepping through the interview for the 1098's for Mortgage Interest.  Make sure you indicated that the mortgage is secured by the property, and that it was used to 'buy, build or improve' the home.     You could also try marking 'this is the most recent loan' for only one of the 1098's, if they both secure the same property.  If that applies, you could also combine the 1098's into one entry.   Here's more info on handling Multiple Mortgage Interest Statements.   @user17731448755     

Yes, for most PhD students and researchers in your situation, the First-Year Choice is the most beneficial, provided you do not have significant income from outside the U.S. in 2025. If you choose to file using this option, you will need to report your worldwide income. It's better because you can file a joint return, take a standard deduction and be able to claim educational credits, which will make for a better tax return outcome.  Here are some things you need to know about making the first-year choice.    To make the First-Year Choice for 2025, you must meet the Substantial Presence Test (SPT) in the following year (2026).   Since you became Permanent Residents in February 2026, you will easily meet the SPT in 2026 (staying at least 183 days).  You cannot file your 2025 return until you have actually met the SPT in 2026 (usually by July). You will need to file an Extension (Form 4868) for your 2025 taxes to stay compliant while you wait to "qualify" for the choice. Once you are able to file your return once reach the 183 days threshold in July, you will print and mail your return with a signed statement that you are electing to take the First Year Choice.   To file your extension, first prepare you tax return because there will be some questions asked pertaining to your tax return. After answering the preliminary questions, here is how to file it using TurboTax Online   Go to tax tools Tools File an extension If you are preparing your return in TurboTax desktop, go to:   Go to the Federal Taxes tab (or Personal tab).  Look for Other Tax Situations. Find the Other Tax Forms section and select File an Extension. TurboTax will guide you through the worksheet to estimate your tax. In Desktop, you often have the choice to print and mail the form or e-file it. Once this is completed, an extension will be created and electronically filed.    If you decide not to make the first-year choice, both of you will need to file a 1040 NR separately for tax year 2025. TurboTax does not prepare 1040 NR, but our affiliate at Sprinttax does. Contact them here for further information.   Reach out if you have additional questions.    

@BillM223    Thanks for the find.  That seems to clear things up.  Will be interesting to see how the efile goes(assuming I use this approach - I may still just manually enter the forms based on my CPAs advice since this differs than what TurboTax came up with).   Once again, much appreciated!    

Are you reporting a sale of an investment on IRS form 1099-B or Schedule 8949?  Or something else?  Please clarify.   Are you referring to the question How did you receive this investment at the screen Review this XXX sale?   If so, you may need to select I inherited it .  But I am confused as to the nature of the investment and confused by the statement with increased value on sale which is being reported as a gain.

In case anyone is still following this, they've fixed it in the online edition.  If you go to Federal Review, there's a checkbox for this now, but it was automatically checked for me, so you probably don't even need to do that.  When I reviewed my return again, it was now checked on there.

Yes, in essence you bought the new stock with the old stock, so you can think of it as a sale and purchase. You will need to report the transaction as an investment sale in TurboTax as follows:   You enter investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents if you want to enter your Form 1099-B manually. Choose Stock, Bonds, Mutual Funds as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.