KarenJ2
Expert Alumni

Deductions & credits

With your tax return open:

 

  1. Click on Wages & Income
  2. Scroll down to Interest an Dividends
  3. Click on Start or Update next to 1099-OID, Foreign Accounts
  4. Click on box that you owned or signed on a foreign bank
  5. Click on I had a financial account in another country and /or I had signature authority on a foreign bank account
  6. Click continue
  7. Enter Yes that your foreign accounts were greater than $10,000. click continue
  8. Enter the foreign country or countries where you have the accounts
  9. Click correct answer on next screen regarding foreign trusts, click continue
  10. Enter yes that you have foreign financial assets
  11. Enter answer Did you live in a  foreign country
  12. 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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