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Deductions & credits
With your tax return open:
- Click on Wages & Income
- Scroll down to Interest an Dividends
- Click on Start or Update next to 1099-OID, Foreign Accounts
- Click on box that you owned or signed on a foreign bank
- Click on I had a financial account in another country and /or I had signature authority on a foreign bank account
- Click continue
- Enter Yes that your foreign accounts were greater than $10,000. click continue
- Enter the foreign country or countries where you have the accounts
- Click correct answer on next screen regarding foreign trusts, click continue
- Enter yes that you have foreign financial assets
- Enter answer Did you live in a foreign country
- Enter yes or no about the amount of your foreign financial assets
You will have "Yes" checked in lines 7a and 7b of Schedule B
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March 1, 2020
6:49 AM