British Pension US citizen

[IamAW123]

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?

[ThomasM125]

You need to report the pension income by making a subsititute form 1099-R entry in TurboTax as follows:

1. Choose the Federal option on your left menu bar
2. Choose Wages & Income
3. Choose the Retirement Plans and Social Security menu option 
4. Choose IRA, 401(k), Pension Plan Withdrawals(1099-R)
5. Choose the enter 1099-R option
6. Choose Change how I enter my form
7. Choose Type it in myself
8. Choose Financial institution or other provider (1099-R)
9. Enter in as much information as you can regarding the pension income 
10. Work through that section until you see Do any of these situations apply to you?
11. Choose I need to file a substitute 1099-R
12. 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.