US citizen, working overseas in a foreign University how to exclude foreign banking interest from paying US tax as bank there have already deducted tax on interest

mareza — Mon, 03 Jun 2019 20:44:37 GMT

You can enter the foreign interest as if you had a US 109...

KarenJ — Mon, 03 Jun 2019 20:44:38 GMT

You can enter the foreign interest as if you had a US 1099INT form.

When you are in your return in TurboTax, enter 1099int in the search box at the top of the page.
On the page where you enter your interest income, check the box under the income that your form has info in more than one box.
Enter your foreign tax paid in Box 6.

If you are subject to foreign tax on the income you earned working in a foreign country, the IRS allows you to claim either the foreign earned income exclusion and/or the foreign tax credit.

If you are liable for tax in the foreign country you can claim a foreign tax credit on your US tax return to help offset any double taxation. If you are in a country where you do not pay your 2018 tax until 2019, you can take a foreign tax credit on the accrued basis. If not, choose the paid basis and declare the foreign tax you actually paid in calendar year 2018.

You may also be able to claim the foreign earned income exclusion.

You need to meet one of 2 tests for the foreign earned income exclusion. Either the physical presence test or the bona-fide resident test.

Please see IRS publication 54, link attached for information on both the physical presence test and the bona-fide resident test.. Tax Guide for US Citizens Abroad 2018

topic US citizen, working overseas in a foreign University how to exclude foreign banking interest from paying US tax as bank there have already deducted tax on interest in Deductions & credits

US citizen, working overseas in a foreign University how to exclude foreign banking interest from paying US tax as bank there have already deducted tax on interest

You can enter the foreign interest as if you had a US 109...