How do I report Singapore Central provide fund (retirement acct) closure/withdrawl on US Taxes? The money was contributed several years ago prior to moving to US.

[vmorishetty]

https://www.cpf.gov.sg/member/account-services/account-closure/closing-your-account-when-you-leave-s...

[pk]

@vmorishetty ,  since there is no Tax Treaty between US and Singapore, 

(a) are you a US person ( citizen/GreenCard) ?  

(b) From your post it seems you are no longer a Singapore  resident or citizen ?

Generally,  

(a) when there is no distribution, you will still come under  FBAR  ( form 114 , on line at FinCen.gov ) and   FATCA  ( form 8938 along with your  yearly return ).   See  here for details :

Comparison of Form 8938 and FBAR requirements | Internal Revenue Service

(b) Post distribution , you have to treat this income  just like an annuity / pension ( non-qualified  ) i.e. it is all taxable  income for US purposes.

(c) If Singapore taxes  this income/ distribution,  that tax is not eligible  for Foreign Tax credit / deduction because there is no tax treaty in effect.

Is there more I can do for you ?

[vmorishetty]

Thank you Pk.  I am no longer Singapore PR  and the contributions are made several years ago prior to taking up US Citizenship. Last year, I have closed the Singapore CPF account and took the distributions.

What forms should I submit to report the distributions? 

[pk]

@vmorishetty , Namaste ji

You should be reporting this  distribution on a form 1099-R  ( pension benefits ).  Box 1 and Box 2a should show the same -- total amount of distribution  i.e. all is taxable.  Box 7 code  should be 7  ( normal distribution ). 

If you want to be more of a challenger , you can   try with  Box 2a blank, and check Box 2b and Box 2c.  This will lead TurboTax to ask questions and allow you to provide information on your  total contribution to the plan  (  assuming that this amount was  after tax monies that you put into the account ).  Thus the  taxable amount would be your employer's contribution and  any growth  of  contributions.  However, you then have the burden of proving   that your contribution total was  with after tax  income.  This should be more tax beneficial  but obviously more challenging to prove.

Is there more I can do for you ?