I am a British expat. I have a UK pension that is deposited into my old UK bank account.
I transfer money as needed. How do I deal with this on the return? I have a UK state pension and a private pension that I inherited from my late husband, I also get Social Security here, this was reduced when it started 2:1 on the English money. Also I have heard about FACTA, currently my British account is north of $15K. Is there anything I should be doing?
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You need to report the pension income by making a subsititute form 1099-R entry in TurboTax as follows:
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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