Foreign retirement income (Panama)

[oopty]

I receive Social Security (Retirement) from Panama, is that taxable in the US?  I am a US citizen and reside in the US

[pk · Accepted solution]

@oopty , since there is no tax treaty between  US and Panama, and you being US person residing in the USA , you are taxed on world income.  You will have to declare your income from Panama and then  if ,and only if , Panama  also taxes  this income, US will allow foreign tax credit ( for income taxes paid to another taxing authority).  Many of the tax treaties, agree to have only one jurisdiction  tax local govt. funded  incomes.

Hope this answers  your query