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
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.
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
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
@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?
@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
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.