Hi, for years I've been using form 1099-R to report my wife's foreign pension income without any problems. I was using nine digits 11-1111111 as payers FIN and I had no problems so far. Actually, this method was recommended by many Turbo Tax users. This year TT wouldn't allow me to do that, I'm getting an error which would prevent e-filing for sure. I'd like to use 1099-R because the program automatically would transfer this properly as a retirement income to our New York state income tax return. NYS allows $20,000 pension and annuity income exclusion. How can I fix this error without creating any other income new entries or new forms? Is there a secret 9-digit code or can Intuit properly address and fix this issue. I also think it's time for Intuit to make a generic 1099-R form for all those foreign pension payers without FIN. There are many people getting foreign retirement income. Thank you,
Have you prepared this by creating a substitute 1099R like HankP suggests in his post? Try the following steps to see if this will work if you haven't done this already.
To enter foreign pension in TurboTax online program, you will need to create a substitute form 1099-R.
Within your Personal Tax section, Under Retirement Plans, select the IRA, 401(k), Pension Plans (1099-R).
I need to prepare a substitute 1099-R and follow the prompts.
If your foreign issue does not have an ID number, you can try entering nine 9s instead of 1's. If errors occur due to this entry, you can enter the pension under Miscellaneous Income. The following link provides the info for both entries:
The substitute 1099-R won't work either. You can't leave Payer's ID number blank or input random numbers. You'll get an error which would prevent e-filing.
If you report a foreign pension as Other Income on 1040, you' won't get NY state pension exclusion, because it won't be listed as pension. You can get those exclusion only when you pay federal tax.
The state form can't be manually changed or adjusted without creating errors. Returns with errors can't be e-filed.
Turbo Tax could provide a worksheet or manual adjustment for state tax filers so they can report this part of other federal income as foreign pension (if they can's solve the issue with Payer's FIN on federal 1099-R forms). This would solve the problem.
This is not a solution at all. This could be a real EIN used by a real company.
We need a real solution not random numbers.
The 99-111111 is a fictious number that is not a real EIN.
Is this the final solution supported by Intuit?
I'm just curious, how do you know this a fictitious number.
The EIN prefixes assigned by the Philadelphia campus start with 99.
Because the 99 is followed by consecutive 1's. An EIN normally has random numbers assigned to it such as 99-4569876. This isn't a final solution but just a temporary fix for the moment you can all have the pleasure of efiling and not having to mail in the returns.
OK, thanks. Hopefully this will be fixed soon.
A substitute 1099 form without a EIN or state worksheet for foreign pension exclusion would be nice.
I have used Turbo Tax for over 25 years. I remembered I do encounter different scenarios on reporting overseas pension income. Some years you can generate substitute 1099-R, some years you cannot e-file because of the ID requirement. I only e-file my federal return for one or two years, others I have to do by mails. I am not happy with this as you don't know when you can e-file or not until the very last moment. Even I called Turbo experts and they could not explain why.