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As a resident alien for tax purposes for 2018, do I need to report interest on my foreign bank account even though my account balance never exceeded $10,000?
Here are my questions:
- Do I need to report interest on my foreign bank account even though my account balance never exceeded $10,000?
- If so, how do I submit the interest through TurboTax Premier?
- If it is through entering my foreign interest income as if I have received 1099-INT, which boxes do I have to fill out? (only Box 1 & Box 6?)
- Do I need to check "FATCA filing requirement box is checked"?
- Since my account is less than $10,000 I do not plan to file an FBAR to report my account. Is that a good move?
Thanks in advance for your help!
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Deductions & credits
A resident alien for tax purposes is treated as a resident alien/ citizen for most tax items. Interest earned in foreign bank must be recognized and taxed -- enter the details as if you had received form 1099-INT -- just tell TurboTax that your interest earnings were NOT reported on 1099-INT. In place of the Name of the entity, just enter the name of the foreign bank and tell TurboTax that it is a foreign entity.
FBAR requires a total foreign bank account(s) value of equal/ more than $10,000 ( equivalent ) at any time during the year. I f require to fill out the FBAR form , please visit www.fincen.gov and look for form 114 ( can only be filed on-line).
The FATCA requirements are much higher ( $90,000 or higher, depending on your filing status). You just tell TurboTax that you have foreign bank accounts and answer the questions concerning FBAR and FATCA