I am trying to enter the interest earned on the 1099-INT form manually. This is from my India NRE account. It seems like the FEIN is made mandatory this year and Indian banks don't have this id. Can anyone suggest a solution?
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@paulsun82 , I just tried the scenario -- interest income from a foreign bank ( no 1099-INT ) , there was no requirement for FEIN. My test case was using windows download TurboTax Home & Business. It worked exactly as expected. For what it is worth the information collection about FBAR and FATCA was done at th e same time and was very nice.
Is there more I can do for you ?
Thanks @pk for the reply. I am using TurboTax Premier downloaded in my windows machine. FEIN was not required last year and hence I did not face any issues last year with the same software. I have attached the screenshot of the error. Please let me know if you have any suggestions.
@paulsun82 , after seeing your reply , I went back and added more income ( schedule-C ) to finish the return and finally ran through federal check -- no issue.
So for some reason am not being able to duplicate your case.
Tell me more about all your entries , especially the actual process you went through in entering the interest income. There has to some difference. Please help me solve this issue.
My software is with the latest updates .
Look forward for your help.
Thanks @pk for the reply. I selected the interest on 1099-INT and clicked on Add investments and then clicked on skip import. Next page I selected 1099-INT and on the next page I entered the bank name and interest. I did not enter the FEIN number here. When I click continue and go to the next page it shows a message that this entry requires review and it shows FEIN is missing. I am using the Turbo tax premier, should I upgrade to the version which you are using? Is there a way I can connect to the Turbotax support to get any help on this ?
I am at a loss to understand why TurboTax is mis-behaving. Especially I cannot duplicate this on my copy of H&B.
May I suggest :
(a) Update your copy to the latest -- see if that solves the issue If that no work then --
(b) use a dummy EIN -- such 12-34567 or 00-1234567 --- see if this passes the test. These are obvious dummy EINs.
I wonder if all it is trying to do is warn you of a missing entry but not necessarily a fatal error -- i.e. it will warn to check but will still allow an e-file with nil EIN.
Another thought would be to look to see if you can enter an interest income "without 1099-INT " i.e. for people that receive interest income from another person -- no EIN.
Please would you consider keeping me abreast of how it works out -- I am most interested. You have been very patient with this fault.
My very humble apologies in the name of the product.
pk
@pk I tried all other options and finally submitted with dummy EIN. It went through the review and submitted the return.
What dummy FEIN did you use? I have been using turbotax fo 13 years and could by pass by not adding the FEIN to report interest earned on an Indian Bank in India. This year it is not allowing me.
What dummy FEIN should I use? I have been using turbotax for 13 years and could by pass by not adding the FEIN to report interest earned on an Indian Bank in India. This year it is not allowing me to file electronically. I get message "Our records indicate that you are not entitled to e-file one or more formsets" when I put in a dummy FEIN. or How do you recommend I report interest earned on a Foreign Bank electronically?
@MM2007 , there have been reports of this issue. However, on my Windows download Home & Business the product is NOT asking or requiring EIN for interest income.
So my suggestion has been ( and just to be able to pass TurboTax checks ) to use some obviously "dummy/stand-in " EIN like 00-1234567 or 12-3456789 ( no dashes between the numerals ).
Hopefully this fixes your issue
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