I am stuck in a run around about foreign bank accounts. I do have an account after living in Europe. No it's not worth much. I can't move past that step

rachel-cornec — Wed, 11 Feb 2026 05:03:02 GMT

Re: I am stuck in a run around about foreign bank accounts. I do have an account after living in ...

CesarJ — Wed, 11 Feb 2026 15:00:56 GMT

You may be required to report foreign interest from your bank account. Here are a few suggestions to help you get through a foreign bank account interview in TurboTax.

1.a. Bank interest does go on a 1099-INT.

b. Box 6 is for foreign tax paid is a good place to enter the income. It tells the program to give you a foreign tax credit.

c. If the amount of all foreign tax is below $300, you take the credit without having to file Form 1116.

d. Yes, you are using box 6 to get the foreign tax and you might need to go through the foreign tax credit to select a credit, if the total foreign tax paid is over $300. Otherwise, the program will do it all for you.

2. a. One of the most important questions according to the IRS. Check that you have a financial account in a foreign country.

b. Also important, check that you have authority over your bank account in a foreign country. Both should be marked.

3. a. No, a foreign bank isn't a foreign trust.

b. It doesn't sound like you run or own the trust, just a beneficiary. Here's the form and instructions for you to verify that it isn't needed in your scenario. About Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain For...

You may need to file Form 8936 and/ or FBAR. Here is a comparison of the FATCA (Form 8938) and FBAR requirements. The FBAR isn't part of the tax return. It is filed separately. File FBAR through the Financial Crimes Enforcement Network.

topic Re: I am stuck in a run around about foreign bank accounts. I do have an account after living in ... in Deductions & credits

I am stuck in a run around about foreign bank accounts. I do have an account after living in Europe. No it's not worth much. I can't move past that step

Re: I am stuck in a run around about foreign bank accounts. I do have an account after living in ...