topic Do I have to report an amount of $48USD foreign interest income from a saving account in foreign bank that is more than $10 000 and less than $50 000? in Deductions & credits

Do I have to report an amount of $48USD foreign interest income from a saving account in foreign bank that is more than $10 000 and less than $50 000?

mussyfraggle — Thu, 06 Jun 2019 14:26:06 GMT

do I have to report an amount of $48USD foreign interest income from a saving account in foreign bank that is more than $10 000 and less than $50 000? I already reported it to FBAR. While preparing tax return, turbo-tax asks, "Was the total value of your specified foreign financial assets more than $100,000 on the last day of 2016 or more than $150,000 at any time during the year?". To which I answer, "No" and then I see the following recommendation, "Based on what you told us, it turns out you don't need to report your foreign financial assets."

Last year I filled just the basic/simple tax 1040A reporting the interest in Dividends and answer the question in Part III that I submitted FBAR.

This year is my first time with Turbo tax, I cant find that Part III. also it is suppose to be for free but is asking me to pay for fill it.

I'm a USA resident.

"do I have to report an amount of $48USD foreign interest...

TomYoung — Thu, 06 Jun 2019 14:26:08 GMT

"do I have to report an amount of $48USD foreign interest income from a saving account in foreign bank"

Yes you do. If you are subject to US taxes you are obligated to report your world-wide income, even if the income isn't reported to you on one of the US Government forms - 1099's of various sorts - used by US-based companies.

You can enter this interest income using the "Interest on 1099-INT " interview, reporting it "as if" you actually received a 1099-INT. Don't worry about somehow telling the IRS "I received a 1099-INT" when you didn't receive a 1099-INT. If you look at Schedule B where the interest is reported there's really no indication if a 1099-INT was received, or not.

The reporting of foreign financial assets is a separate and distinct issue from the reporting of income from foreign financial assets. You do need to report the income and, based on what you've said here, you're not subject to having to report those foreign financial assets.

Tom Young