How do I enter data in Schedule 1? Usually I enter the Interest earned from foreign accounts in the Other Income line 8 in Schedule 1

It depends. Enter foreign interest the same that you enter domestic interest.

 

1. Log into Turbo Tax.
2. Go to Federal>wages and income>
3. Interest and Dividends>interest on 1099 INT

Please note you may need to file form 8938 if the following two conditions apply.

 

• Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year
   
• Married taxpayers filing a joint income tax return and living in the US: The total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax Year.

Please read these IRS instructions regarding Form 8938.

 

Thanks. After posting the question, I further played around and found what I was looking for. Thanks again though. 

 

Raju