If you had Foreign Bank Accounts, report in the Form 8938 interview the 'Maximum Amount in 2021' in the account.
If an account received Interest during 2021, you can add that amount (which is reported in TurboTax as if you had received a 1099-Int (1099-Int, line 1) and shows on Schedule B, Line 1 (as in the example).
If you just have Foreign bank accounts, you won't need to enter these items (except interest, possibly). The IRS is looking for foreign accounts exceeding 10K during 2021.
Foreign real estate isn't considered a foreign financial asset, nor are foreign investments (if owned through a U.S. brokerage or listed on a U.S. exchange) or money in a foreign branch of a U.S. bank. Form 8938 isn't required in these situations.
Click this link for more info on Foreign Financial Accounts.
Thanks. Have a follow-up;
1. Yes, I received the interest to my bank overseas
2. Foreign assets are more than 50k (single)
3. I sold few mutual funds, so have capital gains (overseas)
4. Paid Tax for the above in the foreign country
5. I’ve filed FBAR
Q’s:
1. Where to declare all these in Income? 1099-INT?
2. Where do I declare taxes paid overseas?
Yes, if you received foreign interest or dividends report these under 'Interest and Dividends.' Report mutual fund sales under 'Investment Income'.
These are both topics under Wages & Income.
Once you have entered your foreign income, under Deductions & Credits, scroll down the topic list to Estimates & Other Taxes Paid > Foreign Taxes.
For interest, dividends or mutual fund sales, you choose Country 'RIC' or 'Various' .
Click this link for more info on How to Claim the Foreign Tax Credit.
@MarilynG1 - I had to abandon the process since the expert was unable to help live and go to a local CPA. But, if you can help me, I will log back in.