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I'm retired, receiving ss retirement benefits. From this…

I'm retired, receiving ss...

I'm retired, receiving ss retirement benefits. From this year I receive also social security retirement payments from Slovakia, where I lived and worked until 1986. Question: are these payments fro Slovakia taxable?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

TAX CONVENTION between US and THE SLOVAK REPUBLIC from 1993, article 19/1/b : b) social security benefits and other public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

That seems that pension from Slovakia should be taxed only by Slovakia. In Slovakia social security payments are tax exempt.

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Answered in 1 minute by:
10/25/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,186
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Give me a few moments to review the provisions of the Tax Treaty, and I will post my answer.

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Article 19 of the Tax Treaty states:

1. Subject to the provisions of Article 20 (Government Service) a) pensions and other similar remuneration derived and beneficially owned by a resident of a Contracting State in consideration of past employment by that individual or another individual resident of the same Contracting State shall be taxable only in that State; and b) social security benefits and other public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State.

You will REPORT the Social Security income you receive from Slovakia on your tax return, but it is NOT taxable.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 8 months ago
How do i report this payment from Slovakia? What irs form?
Customer reply replied 8 months ago
Is there adfitional charge? What is cost so far and what afditional cost for phone conversation?

You will use Form 1040. Line 20a.

There is an additional charge for a phone call, but I think we can cover everything here.

If you'd like a phone call, let me know.

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Customer reply replied 8 months ago
e.g. on line 20 write a full amount received and in taxable amount =0

Line 20a is for non-taxable Social Security. If part/all of your U.S. Social Security is NOT taxable, you will add the two amounts together for Line 20a.

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20b will be zero if all of you your US AND Slovakia SS is non-taxable.

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Customer reply replied 8 months ago
Receiving about $300. It took 4 years to arrange my Slovak ss pension.This year I received also a payment for the last 3 years (about 14,000). Does it make any difference?
Customer reply replied 8 months ago
about $300 per month

So a lump sum payment? Give me a moment.

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The lump sum payment is not taxable.

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Customer reply replied 8 months ago
Thank you very much
This answered my questions

My pleasure.

Please take a moment to rate my answer since that is the only way I receive credit for answering you.

Thank you.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,186
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 8 months ago
Just to clarify, is this a free trial, or I'm now subscribed on monthly service?

Experts are prohibited from discussing subscriptions, etc.

I can forward your concern to customer service so they can explain it to you.

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