Foreign interest income with no FEIN

[ksbmi1]

How do I report interest income from a foreign bank with no FEIN number. I tried manually entering 1099-INT with item 6 for foreign tax paid. I initially put FEIN number as dummy number 11-111111. But in the end the turbotax federal review flags it as invalid and does not proceed. 

Turbotax team, can you suggest ways to resolve this error? 

Thanks. 

[BillM223]

Where are you entering this FEIN? I don't see a box which asks for it in TurboTax.

[ksbmi1]

If I select, enter 1099-INT manually it shows the following screen. If you leave FEIN number empty then TT does not proceed further.

[ksbmi1]

@pkdo you know the answer for this question regarding reporting interest income from banks in India. Thank you. 

[Mike9241]

you use a 1099-INT report the payor's name (nothing else about the payor is needed not the address, not any id number),

interest amount converted to US $$'s, and the foreign tax info

[ksbmi1]

@Mike9241 Thanks for the reply. Banks in India do not issue 1099-INT and also do not have FEIN number. Without FEIN number Turbotax does not accept the manual typed form. This makes it difficult. Can TurboTax super users help here. Please this is urgent. Thanks. 

[ksbmi1]

I just talk to product support team and it seems like a bug which they filed in the system. It is not necessary to enter FEIN number when 1099-INT is not available. It was absent in the manual entry option, in 2022 version of the TT. See link below. 

https://ttlc.intuit.com/community/taxes/discussion/1099-int-requires-a-complete-address-that-doesnt-....

[pk]

@ksbmi1 , having rad through  your post and the responses  ( which I agree with  ) from @Mike9241 , only point I would like to add is that  if you have  foreign bank accounts , these come under both FBAR and FATCA regs .  So please be aware of that -- these are not tax events  but not filing when required to , can attract onerous penalty.

[ksbmi1]

Thank you. @pk for the reply. Yes, I will file FBAR and FINCEN 114 form. 

[drajayhooda]

Did you find the answer to this question? I am still having difficulty with this.

[pk]

@drajayhooda , please tell me more about your situation , difficulty and which product you are using.   My most favored product is  Windows  Home & Business and have no familiarity with the on-line  or the MAC product line.

There was another question recently about interest income from NRE account in India. I had no difficulty  -- i.e. TurboTax behaved exactly as  expected.  Therefor the need for  details of the situation so I can duplicate the issue.

Namaste ji

pk 

[Staz]

I entered all 1's for the FEIN to satisfy TurboTax. Then when done entering go to the forms view and open each 1099-div or 1099-int you reported, find the Fein at the bottom of the page and delete all the 1's. TurboTax then progressed through the federal check without issues for me. Fingers crossed it will go through online submission.

Why are TurboTax not fixing this really annoying issue!!!!!!!!!!!!!

[ChrisMD]

It worked for me with all zeros (2 + 7)