I'm using TurboTax Premium online.
I have a foreign account that generated both some capital gains and interests. Being a foreign account, I did not get any 1099 forms. Where exactly am I supposed to enter this? I tried a couple of things:
I went through the '1099-OID,Foreign Accounts' section, but because my account didn't reach the threshold, it said I didn't need to od anything there.
I tried adding things under the 'Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)', but it expects me to have a 1099. I tried pretending I had one and entering everything manually, and that 'worked', but feels sketchy/wrong.
What is the right thing to do here?
You'll need to sign in or create an account to connect with an expert.
you pretend you got a 1099-INT so use that form
capital gains go on form 8949 - in the investment section in TurboTax
types would be c or f which tells the IRS that neither cost nor proceed was reported to them. in all case you must convert to US Currency
you pretend you got a 1099-INT so use that form
capital gains go on form 8949 - in the investment section in TurboTax
types would be c or f which tells the IRS that neither cost nor proceed was reported to them. in all case you must convert to US Currency
Thanks @Mike9241 that is helpful!
For converting to US currency, I'm using the exact exchange rate from the Buy date and separately from the Sell date. I assume that is more correct than using the same exchange rate throughout.
so what did you do? I am in the same situation
Mike is correct for entering interest, pretend you have a 1099-INT and enter it under interest.
For capital gains, enter the sales information under investment income. Select stocks, crypto, mutual funds, bonds, Other.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cnhowardcell
Returning Member
Ian B
New Member
jwin909
New Member
Moonlight
Level 2
kritter-k
Level 3