HI,, I had to enter foreign pensions with a TIN of 99-999999 and does not accept the value at the final check. This prevents me from filing. Is there a work around?

[pk]

@user17756756823 , try using 99-1999999.

But make sure that the foreign pension is taxable per tax treaty

[user17756756823]

Thanks. I had seen the 99-999999 value on TurboTax help. It would be useful if TT could document the best value in the software itself, as this situation must be fairly common. 

Regards,

jerry

[DawnC]

Using all nines won't go through e-file, but using 99-0099999 will work for a foreign pension.

The best way to enter foreign interest is in Other Reportable Income.     You can delete the 1099-INT entry and replace it with the following:

1. Delete the 1099-INT entry you currently have (use the "trash can" icon).
2. Go to Wages & Income -> Less Common Income.
3. Select Miscellaneous Income, 1099-A, 1099-C.
4. Select Other reportable income (at the bottom of the list).
5. Description: Enter "Foreign Bank Interest (Turkey)" and the bank name.
6. Amount: Enter the USD equivalent

No EIN needed

[user17756756823]

Well, these are not interests but pensions. As pointed out earlier, non taxable in reason of the tax treaty between the Us and France. Not sure your solution would help in that context?

regards,

jerry

[pk]

@user17756756823 , generally agreeing with my colleague @DawnC 's note on treatment of interest  income from foreign source ( i.e. when there is no EIN), and recognizing the general issue with reporting of foreign pension, 

(a) when the foreign source pension is taxable in both countries, the  solution for recognizing/reporting of the income/pension is often solved by using fake EIN  such as 99-1999999  and double taxation by using the  "mitigation of double  taxation " article of the relevant tax treaty.  The problem here is mostly a case of allowable FTC being often less than that actually paid to a foreign taxing authority .   However this is in compliance with the US tax laws ( FTC limited to a maximum of the US tax on the same doubly taxed income ) and Tax Treaty ( requiring US to recognize the full amount of foreign tax paid ).

(b) when the foreign source pension is taxable only in the foreign country, the mechanism gets  confusing.  This is because while IRS suggests  "No reporting" is required, the tax payer feels   ( and  correctly ) more secure in recognizing the  foreign source income and then excluding the income  under  ref'd article of the relevant tax treaty. It would have been  nice / correct if TurboTax allowed  recognition of the income  under "other" income with tag " Foreign Source Pension -- country X "    -- Schedule-1, Part  I, line 8 z  and followed this allowing "Adjustment to Income" --   Schedule-1, Part II, line 24 z with tag  " Per Article xx of US- Country X Tax Treaty "  with the same amount as an adjustment.  This would allow the taxpayer to feel safe that he/she did recognize the income and also take advantage of the non-taxability thereof under a  specific assertion of the tax treaty.   Currently there is no way to do this.

Does this make sense ?

[user17756756823]

Thanks for the note, and yes I think it makes sense. Now my understanding was that for foreign pensions, one had to generate a 1099-R substitute and indicate that the revenue was not taxable, mentioning in the note section that the reason was the relevant section of the tax treaty with the US. This area is somewhat confusing and I really believe turbotax would provide a great service (as you suggested) in providing a well documented method to report such revenues as It must be a daily common situation.

Best regards,

Jerry