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It depends. You can report this as other income as such.
Should it be listed under retirement benefits or income? Also, is there a form to calculate conversion of pounds to dollars?
It'll be listed under retirement income. You'll enter it as a replacement 1099-R. And you should convert the pounds to dollars. You can use an average for the year or the actual dates that you received each payment. Just be consistent in whatever method you use to convert the currency.
You can also deduct any foreign taxes you pay involved in receiving the pension.
Ok but I won't receive a 1099 r because it is the UK Wesleyan plan. Also, it looks like only a portion of the disbursement is taxable.
Is it acceptable to add the information as we've received it from Wesleyan.
I did convert pouds to dollars using the irs 2024 conversion factor
Thanks!
You should report it as Foreign Income. You need to report foreign income if you're a US citizen or resident. You'll need to report all of your income, whether it was earned in the US or abroad. Here's how to enter your foreign income:
If you paid or accrued foreign taxes to a foreign country or U.S. possession and are subject to U.S. tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes. What counts for the Foreign Tax Credit?
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