UK Pension tax help needed
Apr 9th 2019, 7:00 pm
#17
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Re: UK Pension tax help needed
)....TT can sometimes be *IN-FU-RI-A-TING*....particularly when it causes you to spend more time over stupid, technical, software glitches than over actually getting your taxes done!
Forms 10999-R/4852 - with TurboTax insistence upon entering a TIN - can be especially galling.
FWIW - I've successfully entered 11-1111111 in the form's TIN field since 2011.
In fact, I have to file 4 (!) of those forms every year.
And I've always e-filed my Federal return through Turbo Tax - including this year
But, as Nutmegger said (post 3, above), foregoing all this nonsense
and just entering your info directly on to the appropriate space on the 1040 is fine.
Apr 9th 2019, 7:20 pm
#19
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Re: UK Pension tax help needed
Delete this please.
Last edited by Hotscot; Apr 9th 2019 at 7:25 pm. Reason: I put the content in a new thread.
Apr 9th 2019, 8:51 pm
#20
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Re: UK Pension tax help needed
I have done the substitute 1099-R for years with my 2 UK pensions. Just checked what I put on form 4852 and it is:
6 Employer’s or payer’s identification number (if known)
11-1234567
I don’t think it really matters where it goes, I just like the opportunity to explain on 4852 what exactly each foreign pension is and how I converted it to $’s. (I also use TT)
6 Employer’s or payer’s identification number (if known)
11-1234567
I don’t think it really matters where it goes, I just like the opportunity to explain on 4852 what exactly each foreign pension is and how I converted it to $’s. (I also use TT)
Apr 9th 2019, 11:50 pm
#21
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Posts: 52
Re: UK Pension tax help needed
BUT ... If I have to use the Fed ID number and form 4852, the only one I can get to work is 12-345678 .. will that sink me?
Im sorry for being so dense but I just can't seem to get this to work!
lastly are my dollar amount calculated from the IRS ave number or can I just put in what my bank deposited and is it just 1 lump sum for both pensions?
Apr 10th 2019, 1:35 am
#22
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Re: UK Pension tax help needed
for the life of me I can't find "OTHER" in TT 2018 .. am I just stupid or what? .. I opened "form view", chose "1040", and line 21 is about my refund going to next years taxes! What am I doing wrong .. is this TT incorrect somehow? It was TT Deluxe I downloaded from Amazon. I just don't know where to put this info. And I would rather do this than the Form 4852!
BUT ... If I have to use the Fed ID number and form 4852, the only one I can get to work is 12-345678 .. will that sink me?
Im sorry for being so dense but I just can't seem to get this to work!
lastly are my dollar amount calculated from the IRS ave number or can I just put in what my bank deposited and is it just 1 lump sum for both pensions?
His tax changes re: 2018 have resulted in big changes to Form 1040
I just compared my own 2017 and 2018 1040s.
The form is completely different this year.
There's no longer a line 21 nor do I see a place for an "OTHER INCOME" entry.
I'd imagine it now appears on a separate Schedule.
So unless someone who has filed that way turns up here soon and explains how they've done it - why not just file the substitute 1099-r, and be done with it?
Last edited by MMcD; Apr 10th 2019 at 1:38 am.
Apr 10th 2019, 1:40 am
#23
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Thread Starter
Joined: Nov 2008
Posts: 52
Re: UK Pension tax help needed
No, you're definitely NOT stupid. Blame it on TRUMP!
His tax changes re: 2018 have resulted in big changes to Form 1040
I just compared my own 2017 and 2018 1040s.
The forms is completely different this year.
There's no longer a line 21 nor do I see a place for an "OTHER INCOME" entry.
I'd imagine it now appears on a separate Schedule.
So unless someone who has filed that way turns up here soon and explains how they've done it - why not just file the substitute 1099-r, and be done with it?
His tax changes re: 2018 have resulted in big changes to Form 1040
I just compared my own 2017 and 2018 1040s.
The forms is completely different this year.
There's no longer a line 21 nor do I see a place for an "OTHER INCOME" entry.
I'd imagine it now appears on a separate Schedule.
So unless someone who has filed that way turns up here soon and explains how they've done it - why not just file the substitute 1099-r, and be done with it?
Apr 10th 2019, 1:47 am
#24
Deep in the woods of CT
Joined: Feb 2010
Posts: 7,002
Re: UK Pension tax help needed
It is still line 21 on Schedule 1 to form 1040. If you are doing a short form return, ymmv.
Apr 10th 2019, 1:50 am
#25
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Re: UK Pension tax help needed
I understand and completely empathise with the frustration of dealing with this.
I'm glad you've conquered the taxing Turbo Tax turbulence!
Apr 10th 2019, 12:13 pm
#26
Wondering if...
Joined: Apr 2009
Location: Clarence, NY
Posts: 1,214
Re: UK Pension tax help needed
As I claim a foreign tax credit against one of my occupational pensions I just like having everything fully laid out. As you say, explain what it is, how converted - and I also note there's a foreign tax credit against it calculated on the same exchange rate basis.
But I think as long as the IRS get their cut they are not going to come looking for anyone!
Apr 10th 2019, 3:09 pm
#27
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Re: UK Pension tax help needed
If the robots find something really odd you'd generally get a letter asking about it. Rarely anything more.
I remember years ago getting a mail audit...something to do with shares I bought in the UK and related to the cost basis.
They insisted I owe them $900. I sent a response arguing against it.
They still insisted so I paid up. (At that time American money felt like Monopoly money.)
Two months later I received a letter and check. They admitted they were wrong.
Last month I received a check from CA State. A refund. I still have no idea why.
Apr 10th 2019, 7:39 pm
#28
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Posts: 52
Re: UK Pension tax help needed
One last question and I promise not to ask any more (I hope)
On finally getting everything in I realized that my husbands lump sum pension payment had
taxes taken from it in the UK. We called this am to find out about it as I thought it was only taxed in the US
and they said they were refunding the tax. Having worked it both ways now we will either get a refund by including the tax paid already in the calculations or owe money if not? IRS was clueless yet again! Any suggestions ..
On finally getting everything in I realized that my husbands lump sum pension payment had
taxes taken from it in the UK. We called this am to find out about it as I thought it was only taxed in the US
and they said they were refunding the tax. Having worked it both ways now we will either get a refund by including the tax paid already in the calculations or owe money if not? IRS was clueless yet again! Any suggestions ..
Apr 10th 2019, 7:53 pm
#29
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Location: Los Angeles
Posts: 6,159
Re: UK Pension tax help needed
Well if they refund you, you can include it on your US tax filing as per date of refund. That'll be next years taxes though.
If it was taxed in 2018 then tax treaty to prevent double taxation.
If it was taxed in 2018 then tax treaty to prevent double taxation.
