1. I received a USO funds K-1. In it, the box is checked where it says, Received K3. However I never received a K3. What should i do here?
https://www.taxpackagesupport.com/USO
after you log in you'll come to a page that says the k-3 is available online (by accessing k-1) - from what I seen most PTPs are not sending out K-3's they must be accessed online
2. I have a foreign bank account, which has earned a small amount of interest. Do I need to report this and if yes, how do i report this in TT?
yes it must be reported unless less than 50 cents - in Turbotax go to investment income add a 1099-INT even though you didn't get one. all that's needed to be entered is bank's name and interest after converting to US $s unless you paid income taxes to that country on the interest. Turbotax should take you through that one you get to the interest income section and answer some questions but you may have to visit the foreign tax section later unless you want to forgo the credit or deduction
this does not address whether you have foreign account reporting. see FINCEN Form 114 (FBAR) for instructions. Turbotax does not do the form
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...
