Form 8938 Question - Pensions and Annuity declaration

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    Form 8938 Question - Pensions and Annuity declaration

    Dear CPA,

    Could you please help clarify the following questions for the new Form 8938:

    1.If a foreign government's pension is received in a US bank account and is already declared as pension income on the 1040, should the pension again be declared in this form 8938 ? If yes, how do you calculate the maximum value for a pension account in a given year?
    2.If a foreign annuity is not received in a US bank account but is declared as annuity income on the 1040, how do I calculate its maximum value in a given year?

    Thanks

    badesh
     
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    Re: Form 8938 Question - Pensions and Annuity declaration

    In Response to Form 8938 Question - Pensions and Annuity declaration:
    [QUOTE]Dear CPA, Could you please help clarify the following questions for the new Form 8938: 1.If a foreign government's pension is received in a US bank account and is already declared as pension income on the 1040, should the pension again be declared in this form 8938 ? If yes, how do you calculate the maximum value for a pension account in a given year? 2.If a foreign annuity is not received in a US bank account but is declared as annuity income on the 1040, how do I calculate its maximum value in a given year? Thanks badesh
    Posted by badesh[/QUOTE]

    Dear badesh:

    According to the instructions for the Form 8938, if you do not have a valuation of the pension from the sponsor or an actuary, you should report the maximum value as the amount that you received as payment from the pension during the year.

    Hope this helps in preparing your returns!

    Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal
    Katz, Nannis + Solomon, P.C.
     
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