I received a lump sump pension from an old UK employer how do I file my US taxes, I don’t have any documentaton just an amount in a UK bank account.

[stephenw75]

The pension closed without telling me, my previous employer took all their employer match. What do I put in turbo tax? Do I also convert to US dollars on the day the money hit my bank account?

[KarenJ]

Yes, use the spot rate on the date you received the pension income.

You can report the pension income as a substitute 1099-R under pensions in TurboTax.  In the search box at the top of the screen, type in pensions.  Then click the Jump to pensions link.  Click that you are preparing a substitute

1099-R.

To report the UK tax paid on your pension for foreign tax credit:

1. Enter foreign tax credit in the search box at the top of the page and click the Jump to link
2. Click 'Yes" you paid foreign taxes
3. Click through the screens regarding foreign interest and dividends
4. Click yes that you have reported all your foreign income already in TurboTax
5. Click that you want to take a credit
6. Answer question about the Simplified Limitation Election
7. Choose income type for pension - it will be General category income
8. Add UK as the county
9. Enter description -UK pension
10. Enter Income amount that you previously reported under UK pension income
11. Enter your taxes you paid on your UK pension in the box "Other income"
12. Continue through the foreign tax credit screens until done.

[stephenw75]

I can’t se anything about filing a substitute under 1099-R nor when I click on the the pension tax credit does it ask me if I paid foreign taxes. Can you please advise