Will the Annual Annuity Recd. from the Insurance Co. (In India) from Pension Plan, Policy of $11268. Yearly Pay of Pension $676 (till Death) be Taxable & Where to show ?

$676 is payble as yearly Pension to me and the Final Policy amount of $11268 will be paid to Nominee after my Death. So it is neither Withdrawl or Part withdrawl

Expert Alumni

Mar 2, 2021 11:56:15 AM

Your yearly pay is the same as a distribution.

To enter foreign pension in TurboTax online program, you will need to create a substitute form 1099-R.

Within your Personal Tax section, Under Retirement Plans, select the IRA, 401(k), Pension Plans (1099-R).

On screen, Your 1099-R, answer Yes and select Continue
Next screen, Choose your bank or brokerage, select I'll type it in myself
On the screen Tell Us Which 1099-R You Have, check the box

I need to prepare a substitute 1099-R and follow the prompts.

If your foreign issue does not have an ID number, you can try entering nine 9s. If errors occur due to this entry, you can enter the pension under Miscellaneous Income.

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Will the Annual Annuity Recd. from the Insurance Co. (In India) from Pension Plan, Policy of $11268. Yearly Pay of Pension $676 (till Death) be Taxable & Where to show ?