The interest amount used should be the amount that is shown on the 1099-OID. To be able to include the foreign tax paid that does not show up on this form you can use the 1099-INT entry to include it. Report the interest amount only once with the foreign tax paid. A manual calculation is acceptable for the foreign tax paid.
- Open (continue) your return if it's not already open.
- Inside TurboTax, search for 1099-INT or 1099INT (lower-case also works) and then select the "Jump to" link in the search results.
- Answer Yes to Did you receive any interest income?
- If you see Here's the interest we have so far, select Add interest income.
- On the following screen, select how you want to enter your 1099-INT (import or type it in yourself) and follow the onscreen instructions.
- Enter the name of the foreign bank, the amount (in US Dollars) in box 1
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Check the box "My form has info in more than just box 1 (this is uncommon)".
- Enter any foreign taxes paid in box 6
- Click the images attached to enlarge and view for assistance
