topic Interest payment in Get your taxes done using TurboTax

Interest payment

Ozkozk — Mon, 23 Feb 2026 11:45:53 GMT

Hello,

does saving account interest payment less than $5 per year need to be reported as an income? And secondly do foreign bank accounts less than $50 in the balance without interest payment need to be reported as income for resident aliens for taxt purposes? Thanks

Re: Interest payment

DaveF1006 — Thu, 23 Feb 2023 21:12:06 GMT

Yes, all interest payments should be reported no matter the amount. Secondly, you do not need to report your foreign account balance as taxable income unless you receive an interest payment from that account.