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I have been receiving a $600 pension from Europe since 1st Jan 2017. How do I declare this.

 
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IreneS
Expert Alumni

I have been receiving a $600 pension from Europe since 1st Jan 2017. How do I declare this.

 

 

You can enter your foreign pension as "other income" using these steps:

  1. When you are in your federal return, click on Wages & Income (at the top of the screen).
  2. Under Less Common Income, click on the box next to Miscellaneous Income.  
  3. On the next screen click on the box next to Other reportable income 
  4. Answer Yes to Any Other Taxable Income?
  5. Continue through the screens, entering the requested information..

If you have paid foreign taxes on the distribution, you can claim either a deduction or a credit for the foreign taxes you paid:

  1. When in your Federal return, click on Deductions & Credits > Continue.
  2. Scroll down to the Estimates and Other Taxes Paid section.  
  3. Click on the box next to Foreign Taxes 
  4. On the Foreign Tax Credit screen, click on the Yes box.
  5. Continue through the screens, entering the requested information.

 

[Edited | 4/14/2020 |  8:35am PDT]

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1 Reply
IreneS
Expert Alumni

I have been receiving a $600 pension from Europe since 1st Jan 2017. How do I declare this.

 

 

You can enter your foreign pension as "other income" using these steps:

  1. When you are in your federal return, click on Wages & Income (at the top of the screen).
  2. Under Less Common Income, click on the box next to Miscellaneous Income.  
  3. On the next screen click on the box next to Other reportable income 
  4. Answer Yes to Any Other Taxable Income?
  5. Continue through the screens, entering the requested information..

If you have paid foreign taxes on the distribution, you can claim either a deduction or a credit for the foreign taxes you paid:

  1. When in your Federal return, click on Deductions & Credits > Continue.
  2. Scroll down to the Estimates and Other Taxes Paid section.  
  3. Click on the box next to Foreign Taxes 
  4. On the Foreign Tax Credit screen, click on the Yes box.
  5. Continue through the screens, entering the requested information.

 

[Edited | 4/14/2020 |  8:35am PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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