You'll need to sign in or create an account to connect with an expert.
You won't be able to enter a foreign payer's "Tax Identification Number" in lieu of a US Federal Employers Identification Number (FEIN) - the aren't the same thing. US-issued FEINs have nine numbers and are on file with the IRS.
You have two options to report a foreign pension:
Option 1 (Best choice) : You can enter the foreign pension income on Form 1040, Line 8 as "other income" or "foreign pension."
You won't need a Payer ID, state or zip code with this approach.
The IRS wants the pension reported as income - unless your pension receives special tax treatment, it is perfectly OK to report it as Miscellaneous Income.
To make entries on Line 8, go to the Other Reportable Income interview, the very last interview in Wages and Income (Federal Taxes tab > Wages & Income > Less Common Income > Miscellaneous Income).
In TurboTax Online, enter "other reportable income" in the Search Box and then select "Jump to Other Reportable Income".
If you choose this way, then you won't have to create a substitute Form1099-R, by filing Form 4852 and you won't encounter e-file errors over the Payer ID.
Option 2: Prepare a Substitute Form 1099-R and a Form 4852 to report that foreign pension on your tax return.
In the Retirement Income interview for Pension Plans (Form 1099-R), check "I need to prepare a substitute Form 1099-R" and follow the instructions in the interview.
The end tax result (in terms of United States tax rate and amount assessed) will be identical under both methods.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
brahmanett083229
New Member
j2designstexas
New Member
katchu
New Member
adamkwitkop
Level 1
benoni64
New Member