Specifically, for Form 1099-INT, I need to fill in Recipient's address and ZIP code, but the app only let's me enter the city and the ZIP. I am not able to indicate that my address is in a foreign country through this application.
@namitaxi2 I am somewhat confused -- so
(a) are you US person , in the USA and have received interest income in another country from a local financial entity / person etc. ? If so you report the interest income --- use only the entity name and report the amount in US$ at the time of receipt -- just use city and country or similar
OR
(b) are you a US person , living in a foreign country and have received interest income locally ? In such a case use the same as above;
OR
(c) are you US person, living in US and reporting interest paid to a foreign entity and hence the need to issue 1099-INT to that person ---- you need foreign person/entity ITIN or similar to show that you paid an interest from US sources so they can file and pay their US taxes --
Help me out as to what the real situation is -- I am probably in the left field with this
Namaste
pk
I live in Japan, I have a US based bank account, and Schedule B requires an address to be filled out that matches the bank's records. The Schedule B for actually allows to enter a foreign address, which is the address I have my account registered to as I have no US address. However, the TurboTax interface only allows me to enter the city and the ZIP code and automatically fills in Oregon (the state where my bank is located). It does not give me the option to enter a foreign address.
From my experience, when I report interest income, it rarely asks me to enter an address on Schedule B.
Please clarify: Which version of TurboTax do you use?
@namitaxi2 Having gone through your response to my questions ( please do answer these ) and response from @FangxiaL , I am still at a loss to understand your problem . Schedule B for the form 1040 , there is no place to enter an address of the recipient of dividend or interest income -- as I see the form. Please could you tell me what you are trying to do.
So far what I get is that you ( presumably a US person ) live in Japan, have an interest earning account in an US bank ( in Oregon) and are trying to report this income ( reported to you on 1099-INT) for your 2021 form 1040 return. I don't see any requirements here for your foreign/domestic address as the recipient.
If you are filing as a Non-Resident Alien ( form 1040-NR ), the taxable interest reporting is the same i.e. there appears to be no requirement for address of the recipient.
Please can you tell me more about your situation so I can recreate the facts/circumstances of the situation and see why TutboTax is not behaving as you expect it to ?
pm
I'm using TurboTax 2021 Deluxe online version. Entering this information is the very last thing it asks me to do before I can file.
That's OK. I would have to start the process all over to show you the screen in the Federal review where it requires me to enter my city and ZIP. I will fill my taxes out on my own via the IRS free fillable forms. TurboTax does not appear to be the tool I need.
@namitaxi2 , of course , you have to do what is best for you . However I would appreciate your help in understanding the situation, if for no other reason than just to educate myself more (if you please find the time to help me out here ). I don't need the screen shots -- just what form your are filing ( 1040 or 1040-NR), are you a US person ( citizen / GreenCard ) or a Non-Resident Alien ( citizen of Japan? , living in Japan etc. ); why are you filing US return ( US sourced income -- wages/interest/ dividend/rent etc. etc. )---please
regards,
pk
I have the same issue - how did you resolve this? Did you use a dummy state / zip code ?
I'm having the same issue and it's very frustrating - did you ever find a fix?
Unfortunately,, unless TurboTax finds a fix for this in their software design, the only solution I've found is to use free fillable forms on the IRS website. It's a more labor-intensive process, but it allows me to input accurate information and file my taxes.
It's a standard 1040 accompanied by a 2555 for foreign-earned income. Even though I live abroad, and have no taxable income, I file a federal tax return because I am a US citizen. If the TurboTax software could be updated to allow users to input accurate information regardless of where they reside, that would be a big help.
@namitaxi2 , @mozztlien , you both report the same issue and I am really perplexed as to where in TurboTax you are having this issue of not being able to enter a foreign address. What I understand from your posts is
(a) US person residing abroad
(b) filing form 1040
(c) filing form 2555 to exclude foreign ( earned or self-employed ) income from US taxes
(d) qualifying for physical presence test in a country with tax treaty
(e) have interest or dividend income to report and therefore need for schedule B
(f) have foreign bank account ( information reporting on schedule B ).
Given the above , where are you having issues with TurboTax not allowing entry of foreign address ---- in the personal information section OR some other area ?
I have up-to-date copy of Home & Business on my machine and can try out the scenario and see if there is a solution or work-around
pk
I am having issues with e) have interest or dividend income to report and therefore need for schedule B.
For anyone having issues. Go into the "tax tools" --> "tools" --> "delete forms" and delete the Schedule B. Log out. Then log in, re-enter the Interest information. That's trigger the smart form to ask about whether you need to do a Schedule B part 3.
I’m having the same issue. I’m at the end where it reviews all inputed information. Then it finds an error in one of the forms that TurboTax fills out for me. The dividens and interest received is from a foreign company but I have a 1099DIV and a 1099INT. TurboTax fills out the schedule B I think and another and they are both asking for a zip code and doesn’t give me the option to use the drop down foreign country box
@Brooksd1119 , from your post I am not sure where your tax home is i.e. are you living in the USA and have 1099-DIV /INT issued by a US brokerage but for Foreign dividends or you are abroad , have a foreign tax home and the 1099-INT equivalent is from a foreign bank. I am confused because 1099s are issued ONLY by US based entities. Please tell me more so I can see why TurboTax is perhaps mis-behaving .
I will circle back once I hear from you
pk