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To report a Foreign Pension in TurboTax follow these steps:
If you paid or accrued foreign taxes to a foreign country or U.S. possession and are subject to U.S. tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes. Both the credit and the deduction are entered in the same place.
Enter Foreign Tax Credit (Form 1116) or Deduction:
In most cases, taking the credit works out better than the deduction. We'll help you decide which one's best for you when you go through this section.
If you choose to take the credit (most people do), we'll attach Form 1116, Foreign Tax Credit, if your situation requires it.
TurboTax FAQ: Where do I enter the foreign tax credit (Form 1116) or deduction?
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