I have some bonus related income in my CPF(Central Provident Fund ) account in 2019. So Do I need to report the CPF in Turbotax? How should I report it? reported as Foreign Earned income? Would someone just give some suggestions?
@sikaozhe are you a citizen/ Resident/ resident for tax purposes? Which country CPF are you talking about ( I know India at least has one )? Am I correct in assuming that this is a retirement savings account and tax deferred in that country ? Is it self directed or govt. directed ?
I am a tax resident in US . The CPF is govt. directed retirement savings account in Singapore.
If there is growth in the fund in 2019, the IRS will tax the growth within the fund every year even if you are not withdrawing the money.
Please see the following link: Singapore Tax Guide for US Persons
Thank you. May I know if the growth in CPF should be taxed as foreign income or other category in Turbotax?
Sure, it can be taxed as foreign income assuming you have foreign passive tax to use as foreign tax credit.
Seems it is arguable. Here says no, you don't have to.