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Deductions & credits
No, you won't have to report your foreign CD interest until they mature (when you actually receive it). If you're taxed on this interest in the foreign country, you can claim a Foreign Tax Credit. Most likely you don't even know what the interest was for 2024, if it wasn't reported to you.
Those who do receive an annual interest statement can report it on their tax return, and subtract the amount previously reported from interest at maturity, but this doesn't apply in your case. Depends on the type of investment and institution policies, and also whether the interest was available to you without penalty (probably not, in the case of a CD).
Here's more info on Interest on CD's.
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‎April 12, 2025
10:33 AM