Pension reporting to IRS, help!
Jan 27th 2020, 5:01 pm
#1
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Thread Starter
Joined: Jan 2020
Posts: 1
Pension reporting to IRS, help!
I am completely confused!
I have a UK pension - no distribution - it's just sitting there accruing, has been for many years. It recently passed the $10,000 threshold for filing an FBAR... in fact, I think I need to retroactively file a couple of FBARs. I know that I don't need to file any 8938s because I'm way under the threshold.
This, I can deal with. But this year's tax return and any amended tax returns to go with the old FBARs? I'm totally stumped. Where do I report this pension? I usually file with Turbo Tax. But obviously if I need to file a 1040X, I'll have to do that on paper. I looked it over, and I have no idea where my pension goes, if anywhere. I've tried reading IRS instructions and I can't make head nor tail of it.
In other words, I have a ~$12,000 pension pot, from which I take no income. Where do I report this on the 1040? (and by extension, any 1040X that I must file).
Can anyone help me understand? I'd really appreciate it.
EDITED TO ADD: I should have mentioned that when I follow Turbo Tax to "uncommon tax situations", it tells me that since I'm under $100,000/$150,000 I don't need to report. Does that really mean nothing goes on my 1040? And if so, nothing goes on the 1040X?
I have a UK pension - no distribution - it's just sitting there accruing, has been for many years. It recently passed the $10,000 threshold for filing an FBAR... in fact, I think I need to retroactively file a couple of FBARs. I know that I don't need to file any 8938s because I'm way under the threshold.
This, I can deal with. But this year's tax return and any amended tax returns to go with the old FBARs? I'm totally stumped. Where do I report this pension? I usually file with Turbo Tax. But obviously if I need to file a 1040X, I'll have to do that on paper. I looked it over, and I have no idea where my pension goes, if anywhere. I've tried reading IRS instructions and I can't make head nor tail of it.
In other words, I have a ~$12,000 pension pot, from which I take no income. Where do I report this on the 1040? (and by extension, any 1040X that I must file).
Can anyone help me understand? I'd really appreciate it.
EDITED TO ADD: I should have mentioned that when I follow Turbo Tax to "uncommon tax situations", it tells me that since I'm under $100,000/$150,000 I don't need to report. Does that really mean nothing goes on my 1040? And if so, nothing goes on the 1040X?
Last edited by ca2020; Jan 27th 2020 at 5:15 pm.
Jan 27th 2020, 7:16 pm
#2
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,543
Re: Pension reporting to IRS, help!
Where do you report it on the 1040? Nowhere - there’s no income to report. 1040 is just for income. You are not required to report pensions and other assets that you’re not taking a distribution from.
So, the only new thing is the FBAR.
So, the only new thing is the FBAR.
Jan 28th 2020, 7:06 am
#3
BE Enthusiast
Joined: Nov 2012
Posts: 902
Re: Pension reporting to IRS, help!
You will already be completing Schedule B, Part III of the 1040 each year. If you are not, additional comments may be sensible.
