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Where do I report pension withdrawal from the UK? Less than 15K

 
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5 Replies
DaveF1006
Employee Tax Expert

Where do I report pension withdrawal from the UK? Less than 15K

It depends. You can report this as other income as such.

 

  1. Log into your account
  2. Select Wages and income
  3. Less Common income
  4. Miscellaneous Income, 1099-A, 1099>start
  5. Scroll to the bottom of the page to Other Reportable Income
  6. Other taxable income, answer yes
  7. Then give a brief description of the income and the amount listed..
  8. Once this appears in a summary screen, click on the Add Miscellaneous Income Item and then call it UK Pension Income and then record the amount.

 

 

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Where do I report pension withdrawal from the UK? Less than 15K

Should it be listed under retirement benefits or income?  Also, is there a form to calculate conversion of pounds to dollars?

RobertB4444
Employee Tax Expert

Where do I report pension withdrawal from the UK? Less than 15K

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.

 

@susanyearling 

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Where do I report pension withdrawal from the UK? Less than 15K

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!

DawnC
Employee Tax Expert

Where do I report pension withdrawal from the UK? Less than 15K

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:

 

  1. Sign in to TurboTax and open or continue your return.
  2. Search for foreign income.
  3. Select the Jump to foreign income link in the search results.
  4. Answer Yes to Did You Make Any Money Outside the United States? and follow the onscreen instructions.

 

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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