I am trying to add my foreign pension to my turbotax deluxe report and not succeeding. What do I have to do?

[billhorna]

I am a resident of Germany, filing my US return from abroad.

[DaveF1006 · Accepted solution]

 The best way to report is to report it as a pension distribution by creating a substitute 4852. This is done by:

1. Find the Retirement Plans and Social Security menu option
2. Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
3. Choose Add (Another) 1099-R
4. Choose I'll type it in myself 
5. On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-R

Then, complete the Form 1099-R pension income entries.  Be sure to list the name and address of the issuer of the German pension.  If they don't have an EIN, you can use 99-0999999 so you can electronically file.

If you have difficulties filing this in this manner, you can file it in this manner instead.

1. From the Federal menu in TurboTax find Wages and Income 
2. Find Less Common Income
3. Choose Miscellaneous Income, 1099-A, 1099-C
4. Choose Other Reportable Income
5. Here, describe this as German Pension and the amount.

Reach out if you have additional questions. We are here to help.

[gregko]

My wife receives a small retirement pension in a European country. We are now US citizens. How do I enter this earnings in Turbo Tax Deluxe - same as above answer, in a substitute 1099-R form? How do I convert foreign currency to USD for reporting, with the constant exchange fluctuations?

[DaveF1006]

No. Enter this in as other income. In converting money to USD, you may use an average currency rate during the year since there were constant fluctuations. To enter the income. 

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 of the distribution.