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New Member
posted Jun 4, 2019 1:05:08 PM

How should I report a pension payment from a foreign country?

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1 Replies
Level 7
Jun 4, 2019 1:05:09 PM

To report foreign pension income, you should prepare a substitute Form 1099-R.

Per the IRS Instructions for Form 2555 Page 3, "Foreign earned income doesn't include amounts that are actually a distribution of corporate earnings or profits rather than a reasonable allowance as compensation for your personal services. It also doesn't include the following types of income.

  • Pension and annuity income (including social security benefits and railroad retirement benefits treated as social security)."

Thus, please review the following TurboTax FAQ to enter a substitute Form 1099-R:

https://ttlc.intuit.com/replies/4194737

Then, on the Tell Us Which 1099-R You Have screen, select I need to prepare a substitute 1099-R.