You report foreign bank interest as if you received a 1099-Int in a separate line along with other interest from US banks.
To enter foreign taxes paid follow the steps
You can enter the foreign taxes paid by you as follows
- Enter all your foreign income.
- Search for the foreign tax credit from within your return.
- Select the Jump to link in the search results.
- Answer Yes to Did you pay foreign taxes in 2021 or have credits to use from a prior year?
- Follow the instructions and enter the information to get the credit or deduction.
We will attach Form 1116, Foreign Tax Credit if your situation requires it.
For more information on foreign tax credit click on the link
Foreign Tax Credit
You must file an FBAR to report if
- a financial interest in or signature or other authority over at least one financial account located outside the United States if
- the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
Click on the links below for more information.
Reporting of foreign bank accounts
