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To enter foreign pension in TurboTax online program, you will need to create a substitute form 1099-R.
Here are the steps:
1. Sign into your account and select Take me to my return
2. At the right upper corner, type in 1099r, then Enter
3. Select Jump to 1099r
4. On screen, Your 1099-R, answer Yes and select Continue
5. Next screen, Choose your bank or brokerage, select I'll type it in myself
6. On the screen Tell Us Which 1099-R You Have, check the box
I need to prepare a substitute 1099-R and follow the prompts. See attached screenshot
As to the Federal ID, if your foreign issuer does not have the ID number, try entering nine 9s. If electronic errors occur due to 1099-R data entry, enter the pension under Miscellaneous income, see below instructions. As long as IRS has the pension reported and included in total income, it is not problematic.
1. In the program, from the top, select tab Federal taxes / Wages & Income -Less Common Income ( very last section on the screen)
2. Select Miscellaneous Income , 1099-A, 1099-C- Start
3. Select Miscellaneous Income- Other income not already reported on a Form W-2 or Form 1099- select Start to information
To enter a foreign tax credit on form 1116, go to:
1. After sign into your account, select Take me to my return
2. At the right upper corner, in the search box , type in foreign tax credit and Enter
3. Select Jump to foreign tax credit
4. Start with screen Foreign Taxes and select Continue to follow prompts.
Some of the suggestions here on entering foreign pensions as either Other Income or Misc Income may be a problem. If it is a pension from a foreign government or foreign corporate entity, then in some states that give tax breaks for pension income, you will NOT receive the tax benefitfor the pension if it is entered in TT as Other Income or Misc. Income.
I receive monthly payment from German Pension
To enter a foreign pension in TurboTax online program, simply follow these steps:
After you sign into your account, select
To report the foreign tax paid on your pension for foreign tax credit:
this actually works thanks - I agree that Turbotax needs to do a better job at working with the IRS to find a code that would mean 'foreign' ID so we can all move on
I used the Turbo Tax IRS Free File version, and it took me a while to figure out how to solve this problem.
The following worked for me:
I selected FINANCIAL INSTITUTION (the default first choice), and
I chose TYPE IT IN MYSELF to enter the foreign pension information.
I then entered the foreign pension payer name, chose FOREIGN ADDRESS, and entered that, too.
For the Payer's TIN, I entered ALL ZEROES (00-0000000) and it worked!
It then required a distribution code, so I chose 7, which is the code for a "normal" distribution.
Only at the end of the process did it give me a screen that said,
"Tell us if any of these uncommon situations apply."
The third choice there was "I need to file a substitute 1099-R."
And that took care of it!!
Do I need to file form 4852 if I get a work or government pension from Britain
@Dearfinance Yes, if you don't receive a 1099-R for your Foreign Pension Income, you can indicate in TurboTax that you are entering a 'Substitute 1099-R' (Form 4852).
Type '1099r' in the Search area, then click on 'Jump to 1099r'. At the end of your 1099-R entry, you can indicate this is a 'Substitute 1099-R'.
However, since your Substitute 1099-R does not have a Payer Identification Number, you will need to print and mail your return.
You could also report the income as 'Miscellaneous Income' and still be able to Efile.
Click this link for details on Reporting Foreign Pension Income.
In the online version I'm using, it says:
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