This work-around for not being able to submit a 1099-INT for a foreign bank that does not have a FEIN works:
- Sign into your TurboTax Online account
- Go to Tax Home (left panel) Wages and Income section
- Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
- Select Other reportable Income > Enter a description (----) and the amount
works for reporting the "interest income". However, unlike the 1099-INT there is no field to enter "foreign taxes paid", ie the taxes that were collected by the foreign bank that also paid you interest. Later if your try to claim credit for the foreign taxes paid via "Deductions & Credits" --> "Foreign Taxes" --> "Take a Credit" --> "Reporting Foreign Taxes Paid" -->"Select the Country from drop-down list" --> "Report Income" button --> here it lists other 1099-DIV forms that had "foreign taxes paid" but no option to select the "other reportable Income" where I had listed the foreign interest that was paid.
In summary, the work-around of reporting foreign interest via "other reportable income" works for reporting the interest paid by the foreign bank without a FEIN but then this work-around does not not work for claiming tax credit for the taxes that the foreign bank had collected.
