It depends. Please enter your foreign interest income AS IF you have received 1099-INT for it and enter interest income in box 1. If you paid any foreign taxes on the interest income, enter them in box 6 of 1099-INT form (be sure to indicate that you have more than just box on the form).
- Federal Taxes
- Wages and Income
- Interest and Dividends, select Interest on 1099-INT
Note: You may have to file form Fincen 114, if your foreign account(s) exceed $10000 at any time during 2020. You have to file it through the Treasury Dept..
Also if the foreign tax paid is more than $300, you will need to file a form 1116 to claim the credit.
- Make sure you've entered all your foreign interest.
- From within your return, search for foreign tax credit and select the Jump to link in the search results.
- Answer Yes to Did you pay foreign taxes in 2020 or have credits to use from a prior year?
- Follow the instructions to get the credit or deduction.
[Edited 03-30-2021|12:17 PM PST]
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