My wife and I fill taxes every year, she was working in Mexico, and we report her income and tax withheld in form 1116. Last year she retired and received a Retirement payment from a private pension plan the company has, no taxes withheld (above 100K). Do I need to report this, if yes, what form should I use?
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Yes but the state will determine how to enter. US Citizens and resident aliens are required to report worldwide income. You will enter the income but is it taxable and should it be subtracted back out is the next question.
See IRS - Foreign Pension and Annuity Distributions and Mexico- US treaty to determine your taxability.
My gut tells me it probably isn't taxable to the federal government. Each state has their own rules so it may be taxable to your state.
Subtraction process if not federally taxable:
1. Miscellaneous Income, 1099-A, 1099-C, Start
2. Scroll to the bottom
3. Other reportable income, Start
4. Other taxable income?
5. Select YES
6. Description
7. Amount, enter your negative amount
8. continue
If you reply with your state, we can determine the next step.
Thank you for responding AmyC. We live in Texas.
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