Reporting Foreign Pension Income in ProSeries

Forum|Forum|1 year ago
February 18, 2025
3 replies
14 views

Does anyone know a way to enter a distribution from a foreign pension plan into ProSeries, report the amount properly on Line 5 of the Form 1040 as per the Instructions, and still be able to efile? The payor does not have a US EIN.

I was trying to avoid the "Other Income" line.

Thank you in advance.

P.S. Same question with tax due as a result of a Form 8987 filing. Currently overwriting "ECR" or "8863" for Line 16, Box 3 on Form 1040....

ProSeries Professional

T

Terry53029

Intuit Community Champion

It all depends what the tax treaty says from each country, and if it was government or private.

Taxes-by-RockyAuthor

Level 7

Hi Terry,

Thanks for the quick reply. Been down the road on the tax treatment. Now just trying to figure out the best way to report it in ProSeries (i.e., if it is possible to report it in accordance with the IRS Instructions to Form 1040). Didn't appear to be possible but I figured I'd ask. There are a number of plans.

T

Terry53029

Intuit Community Champion

You would do it different if it were from a government similar to our SS. Then you would just report it on the SSA1099 worksheet. All depends where it is from, and what kind of pension. Here is a link from IRS.

https://www.irs.gov/businesses/the-taxation-of-foreign-pension-and-annuity-distributions