Singapore Pension before coming to US. Can I exclude the pension from 2024 tax return filing

[Lee-Ng]

I became US citizen in 2017. Before coming to the US, I worked in Singapore between 1996 to 1998 and contributed to the pension in Singapore. I contributed 11% and the employer contributed 21%. Those contribution had been reported in the Singapore Tax Return during that time.

Last year, the pension organization requested me to withdraw the person and closed the account because I no longer work and live in Singapore anymore.

May I know if I need to report this pension in 2024 Tax return?

Thank you for your help

lee

[MaryK4]

Yes, you must report the income on your U.S. Tax return for 2024.  If you paid taxes on it in Singapore, you can claim the Foreign Tax Credit.  

[Lee-Ng]

Thank you for your reply. I didn't get it because the pension I received was the contribution I made in other country (Singapore) before I became the US citizen. Will you please direct me to the IRA publication?

In addition, the taxes I paid in Singapore was during the time I was working which was more than 20 years ago and I didn't keep the tax return anymore.

Thank you

lee

[Lee-Ng]

Hi Mary,

I read many questions on related to my case in Turbo Tax Community. I am still not clear with reporting this Singapore Pension.

Let me list out my questions:

1. This Singapore Pension (CPF) is owned by government entity.

2. The contribution bears interest which is given by CPF

3.  I follow your suggestion to report in the tax filing and now I owe $16K to Federal

4. I am staying in Malaysia and I am working in Malaysia. I don't have any US dollars to pay what I owe to Federal

Did I enter anything incorrect? As I mentioned this contribution was done before the US citizenship, why do I need to pay the tax to the Federal?

Thank you

lee

[MaryK4]

@Lee-Ng Sorry for the delay in reply- your contributions would not be taxable now.  You will want to create a substitute 1099-R and can determine the taxable amount by looking up your account at:
How can I request information regarding my CPF balances, CPF interest earned or, my CPF transaction statement?

[Lee-Ng]

@MaryK4 Hi Mary,

Thank you for your reply. I am sorry I don't understand the last sentence i.e. "looking up your account at:
How can I request information regarding my CPF balances, CPF interest earned or, my CPF transaction statement?"

Are you referring to the TurboTax account or CPF account?

Is the "How can I request information regarding my CPF balances, CPF interest earned or, my CPF transaction statement?" a search question or it is a link you found?

Thank you for the clarification.

Regards,

lee

[DaveF1006]

This was suppose to be a clickable link for you to access that MaryK4 provided. Here's the clickable link that may provide with the information you are seeking.

How can I request information regarding my CPF balances, CPF interest earned or, my CPF transaction ...