I opened a CD in Dominican Republic in April of 2025 and it is set to mature in 2027. The interest I am receiving monthly is compounding. I have already submitted my taxes for 2025, and completely forgot about the interest since I did not receive any statement from the bank. Do I have to report the interest I made in 2025 even though none was deposited to me?
Expert Reviewed
Yes, you must report the interest you made in 2025. U.S. taxpayers are taxed on worldwide income, even if the interest is compounding and not paid out. If the foreign bank didn't issue a statement or tax form, you are still required to report the interest that accrued from April–December 2025 as foreign interest income.
Depending on the account balance, you may also have FBAR (FinCEN 114) and Form 8938 filing requirements.
Because your 2025 return is already filed, you would file an amendment to add the missed interest.
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