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geoff11
New Member

How do I declare a foreign pension

In 2021 I commenced receiving my British National Insurance pension that is deposited in dollars directly into my US bank account.  The pension is not taxed at source, and I won't be receiving an end of year statement from National Insurance.  I appreciate that all the income will be treated as part of our total income for the year, but wondered where I should enter this in Turbo-Tax as there is no form 1099 etc?

Thanks

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2 Replies
ColeenD3
Expert Alumni

How do I declare a foreign pension

Please see this answer from HankP.

 

To enter foreign pension in TurboTax online program, you will need to create a substitute form 1099-R.

Within your Personal Tax section, Under Retirement Plans, select the IRA, 401(k), Pension Plans (1099-R).

  • On screen, Your 1099-R, answer Yes and select Continue
  • Next screen, Choose your bank or brokerage, select I'll type it in myself
  • 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. 

If your foreign issue does not have an ID number, you can try entering nine 9s. If errors occur due to this entry, you can enter the pension under Miscellaneous Income. The following link provides the info for both entries

How do I declare a foreign pension

since there's likely no EIN or ID # that's required to E-file if included on the pension line (1099-R) enter under Misc Income

1. In the program, from the top, select tab Federal taxes / Wages & Income -Less Common Income ( very last section on the screen)

2. Select Less common income - Misc income  1099-A

3. select other reportable income

4. then answer yes

5. description "foreign pension" and enter the amount in US $'s

 

 

there is no foreign tax credit because it is not taxed at source.

 

 

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