Foreign Pension

[JAA08]

I am a US Citizen living abroad and started collecting a Pension from a foreign employer in 2023.  Where do I enter this payment into Turbo Tax?

[DaveF1006]

Here is how to report a foreign pension.

1. Log into your account
2. Select Wages and income>other income
3. Miscellaneous Income, 1099-A, 1099>start
4. Scroll to the bottom of the page to Other Reportable Income
5. Other taxable income, answer yes
6. Then give a brief description of the income and the amount listed.  Give this a description of Pension From Foreign Employer.

As a FYI, you may have additional filing requirements because your pension is a foreign specified asset that needs to be reported. There could be a stiff fine if not reported.

1. There is a FBAR reporting that requires you to report all foreign accounts that exceed $10,000 during a tax year. If this is you, you have this requirement. Turbo Tax does not handled this type of reporting but you can go directly to this website and report it.
2. There is also what is called a FATCA reporting requirement that is handled by Turbo Tax.  This is required if your foreign accounts exceed $50,000 on the last day of the filing year or if the balance of your pension exceeds $75,000 at any time during the year. ($!00,000 or $150,000 if married Filing Jointly)

• Open or continue your return if you're not already in it
• Search by using the magnifying glass in the top right corner of your return
• Type  8938 and select the Jump to link at the top of the search results
• On the Foreign Financial Assets screen, select Yes, I have foreign financial assets
• Answer yes or no to living in a foreign country, and select Continue.
• Answer yes or no to amount of foreign financial assets, and select Continue to work through this section. Here you will say yes to tis question because a Foreign Pension is a Specified Foreign Asset..

FBAR Reporting Requirements

8938 Filing Instructions