turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where to enter capital gain & interest for a foreign bank account?

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?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Where to enter capital gain & interest for a foreign bank account?

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

 

View solution in original post

4 Replies

Where to enter capital gain & interest for a foreign bank account?

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

 

Where to enter capital gain & interest for a foreign bank account?

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.

Where to enter capital gain & interest for a foreign bank account?

so what did you do? I am in the same situation

AmyC
Expert Alumni

Where to enter capital gain & interest for a foreign bank account?

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. 

@gjas1984 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies