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6102sxat
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How do I enter a Canadian Pension Plan amount when it asks for a Fed. ID and there isn't one.

 
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ToddL
New Member

How do I enter a Canadian Pension Plan amount when it asks for a Fed. ID and there isn't one.

Was this Canadian Registered Pension Income (RRSP or RRIF)? If so, you don't need a Federal ID Number. Enter the information in the Canadian Registered Pension Income interview under Federal Taxes > Wages and Income > Retirement Plans and Social Security.

If it was another type of Canadian pension, you can input a foreign pension or non-US Social Security payments into TurboTax (and thus report them on a US tax return), by creating a "substitute" Form 1099-R.  It does not matter whether the income was a one-time lump sum payment, or an annual (ongoing) pension stream of monthly payments.  It still gets reported, and taxed, the same.

Alternatively (and also preferably as well, because it is easier to do), you can enter the foreign pension income on Form 1040, Line 21 as "other income" or "foreign pension."  If you choose this way, then you won't have to create a substitute Form1099-R, by filing Form 4852.  However, the end tax result (in terms of United States tax rate and amount assessed) will be identical under both methods.

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