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Level 3
February 16, 2024
Question

Where do I report foreign pension income rom Dominican Republic

  • February 16, 2024
  • 2 replies
  • 9 views

Where do I report a foreign pension from Dominican Republic.

 

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    2 replies

    sjrcpa
    Level 15
    February 16, 2024

    The same place as any other pension income.

    The more I know the more I don’t know.
    itonewbie
    Level 15
    February 17, 2024

    Where to report the income is the simple question.

    Foreign pension, especially for non-treaty countries, could be a can of worms.  Question would include whether the foreign pension constitutes a grantor trust or §402(b) employee's trust, both of which come with their regulatory reporting requirements subject to substantial noncompliance penalties, and have different income tax implications, whether there's any nonqualified deferral subject to §409A, how much basis the taxpayer has (depending largely on how those prior year contributions and accretions were accounted for for US tax purposes), which part of the distribution is general limitation vs passive income, etc.

    ---------------------------------------------------------------------------------Still an AllStar