You are required to report any amount of foreign interest on your US tax return unless it meets certain tax treaty agreements between the two countries. However, international tax treaty is out of scope for our service. I will suggest you to consult another professional for verification. If the foreign interest is taxable to the US, you can report it under "Other Income" so that you will be able to e-file. Here are the steps:
In TurboTax online,
- Sign in to your account, select Pick up where you left off
- To the right upper corner, in the search box, type in "other reportable income" and Enter
- Select Jump to other reportable income
- Next screen, "Other Wages Received", select No to continue
- Next screen, scroll down all the way to the bottom, under "Other reportable income", select Start
- Next screen, "Any Other Taxable Income?" select Yes to continue
- Enter a description and the amount
Technically, you would enter a Form 1099 for interest, dividends to create a Schedule B. However, with a foreign entity, you would not have a US FEIN to qualify for the e-file. To workaround, enter it under Other Income in the program. To the IRS, as long as the total amount is reported on your taxes as Other income on line 8 Form 1040, you should be okay.
As far as Form 8938, if you live in the US and meet one of the following criteria, you would need to file:
- Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
- Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.
In the program, follow steps here:
- At the right upper corner, in the search box, type in "foreign assets" and Enter
- Select Jump to foreign assets
- Follow prompts
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