Reporting foreign interest income. I've received $1556 of foreign interest income but do not have a 1099-INT form from the foreign bank.

[charles_flaum]

You don't need an FEIN (EIN) number to report the interest. Just enter the amount in Box 1, and enter the name of the bank where required. You are required to report any interest that is one dollar or more.

[kvrven123]

Thanks Charles.

[berubenmj]

Finally!  I just wanted to report my Foreign Interest Income and could not find the right answer.  Thanks!  This other reportable income worked for me.   I just cannot use accrued credits under form 1116, but at this point, paying $1500 for a professional or loosing a couple of dollars credits, I am fine to report my FII under other income. IRS will be able to tax. 

[gloriah5200]

[Edited 03/07/2021|3:28 pm pst]

[Lucka]

Hi Irene/Other TT Expers,

If I enter foreign tax paid, it also asks for 'foreign source amount included in interest' (box 6d) during the error checking stage. What is the Foreign source amount?

Thank you for this thread and for the solutions.

[AmyC]

@Lucka  The IRS needs to know how much income you reported to pay the foreign tax. 

For example: You paid $100 foreign tax. Great, The IRS needs to know which country and how much income you reported to them.

Always being careful if you need to report foreign accounts. Here is a comparison of the 8938 and FBAR requirements. The FBAR is not part of the tax return. It is filed separately. File FBAR through the Financial Crimes Enforcement Network.

[akhilgupta78]

Thanks for screen shots, I don't get FEIN number from my foreign bank, can I put 111111 there as dummy value? it's a mandatory field?

[BrittanyS]

Fill out the 1099-INT without FEIN.  It should be left blank.  During the final review, you will see a flag for missing FEIN; if this is your only flag, click "File" on the left panel.  This will allow the check to be skipped.   Continue through the rest of the interview questions to finish filing your return.  

@akhilgupta78 

[Michele C]

Foreign interest & Dividends should not be reported as other income.  It should be reported on schedule B.  There is no required field for an EIN

[3686707]

@Irene2805 

Not sure if you are still active here but after manually entering interests earned from foreign banks on 1099-INT TT automatically calculates NIIT (3.8%) against the interests. My understanding is that NIIT should not be calculated as my MAGI (modified adjusted gross income) does not exceed the threshold of 200K but it still states the said amount in other taxes when looking through the 1040 summary.

Do you by chance know how to fix this bug? I understand that this is the only way to consider the interests earned from foreign banks when using online TT. Am I better off switching to the desktop version where it would consider the foreign banks interest automatically without imposing NIIT?

Thanks in advance for your reply. 

[Mike9241]

I have seen no other threads that Turbotax is computing NIIT incorrectly. Look at form 8960 because that's the from where it is computed. Also look at the instructions for computing MAGI. 

https://www.irs.gov/pub/irs-pdf/i8960.pdf