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Entering information concerning a foreign pension in Turbo tax

I lived in Sweden for 20 years and get the equivalent of the US social security from Sweden. I pay tax in Sweden on the amount I get. How do I declare what I receive in Sweden and the tax I pay there. I tried a 1099-R but that appears to be designed for US tax not foreign tax. 

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1 Reply
jtax
Level 10

Entering information concerning a foreign pension in Turbo tax

There is a very long prior discussion of this. See: 

 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/where-to-enter-foreign-pension-i...

 

Some of it is about private foreign pensions and some is about foreign social security equivalents. Somewhere in that conversation is likely what you need to know.

 

Generally it seems like you would "mock up" a 1099-R (see detailed instructions in the thread) to report the income. Then you would go through the (complicated) Foreign Tax Credit (FTC / Form 1116) interview to report and hopefully get credit for the foreign tax paid on the retirement benefits.

 

You should also look at the particular tax treaty involved to see if there is anything special about government benefits as opposed to private pensions. (E.g. in the us social security income is often not tax depending upon one's other income and if it is  taxed no more than 80% counts as income. I don't know if anything like that applies to foreign social security income).

 

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