Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
wlee
New Member

Where in TurboTax do I report" Interest and dividends from estates, trusts or businesses based in another country"?

 
1 Best answer

Accepted Solutions
KennethB
New Member

Where in TurboTax do I report" Interest and dividends from estates, trusts or businesses based in another country"?

In TurboTax Self Employed: 

1. Click on the "Personal" tab, 

2. Next, under the "Interest and Dividends" section click the blue "Start" button the the right of "1099-OID, Foreign Accounts".

3. Check the applicable boxes under "Miscellaneous Investment Income" relating to your foreign investment income.

TurboTax will ask you questions about the income to ensure that the amounts are reported properly on your tax return.

If you received various types of income like interest, dividends, etc. from foreign accounts, finish answering the questions about any foreign bank accounts or any foreign trusts you may have. You may then return to the Interest and Dividends section to report any interest you received from these accounts. Report the foreign income as though you received tax forms 1099-INT/1099-DIV/1099-B/etc.

Note:  Merely owning shares of a mutual fund that has foreign investments is not considered an interest in a foreign bank account!!

View solution in original post

1 Reply
KennethB
New Member

Where in TurboTax do I report" Interest and dividends from estates, trusts or businesses based in another country"?

In TurboTax Self Employed: 

1. Click on the "Personal" tab, 

2. Next, under the "Interest and Dividends" section click the blue "Start" button the the right of "1099-OID, Foreign Accounts".

3. Check the applicable boxes under "Miscellaneous Investment Income" relating to your foreign investment income.

TurboTax will ask you questions about the income to ensure that the amounts are reported properly on your tax return.

If you received various types of income like interest, dividends, etc. from foreign accounts, finish answering the questions about any foreign bank accounts or any foreign trusts you may have. You may then return to the Interest and Dividends section to report any interest you received from these accounts. Report the foreign income as though you received tax forms 1099-INT/1099-DIV/1099-B/etc.

Note:  Merely owning shares of a mutual fund that has foreign investments is not considered an interest in a foreign bank account!!

Dynamic AdsDynamic Ads
Privacy Settings
v