You are required to file a Form 8938 when you are required to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold. To see details, click here 8938 vs FBAR. The number on this form does not get carried over to the Form 1040.
If you need to report a foreign interest as income, you would need to create a Form 1099-INT to report the information ( as if you receive one) and it will be carried over to your Form 1040
To create a Form 1099-INT, in TurboTax online, follow these steps:
@AmirK
- Sign in to your TurboTax account and select Pick up where you left off
- At the right upper corner, in the search box, type in "1099int" and Enter
- Select Jump to 1099int
- Follow prompts to report a foreign interest
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