Just as with domestic pensions or annuities, the taxable amount generally is the Gross Distribution minus the Cost (investment in the contract). Income received from foreign pensions or annuities may be fully or partly taxable, even if you do not receive a Form 1099 or other similar document reporting the amount of the income. If you are a US citizen or resident, you are required to report worldwide income including foreign pension. For more information, please see Taxation of foreign pensions.
To enter a foreign pension in TurboTax online program, simply follow these steps:
- After sign into your account, select Pick up where you left off
- In the program, from the top, select tab Federal taxes / Wages & Income -Less Common Income (very last section on the screen - you may need to click Add more income)
- Select Miscellaneous Income , 1099-A, 1099-C- Start
- Select Miscellaneous Income- Other income not already reported on a Form W-2 or Form 1099- choose Start to enter information
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