It depends. Please read this Turbo Tax link, for instructions on how to properly report this. Here are the instructions onn how to do this for an interest form.
- Log into or open Turbo Tax.
- Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose what I work on” (jump to full list)
- Scroll down the screen until to come to the section “Interest and Dividends”
- Choose “ Interest on 1099-INT” and select “start’
- Select "I'll type it in myself"
- Enter the name of the foreign bank, the amount (in USD) in box 1
- Check the box "My form has info in more than just box 1 (this is uncommon)".
- Enter any foreign taxes paid in box 6
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