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Yes if you are filing a 1040 and are considered a US resident, you are required to report all your worldwide income on your tax return.
You will report this foreign bank interest on your tax return along with your foreign tax withholdings on this bank interest.
You can include this under the 1099-INT section. Just make sure that you include this amount in USD. Also, if you paid any foreign taxes on this interest income, you will be able to take a Foreign Tax Credit for taxes paid on income that is also taxed in the US.
The Internal Revenue Service has no official exchange rate. In general, use the exchange rate prevailing (i.e., the spot rate) when you received the income. Please refer to the following IRS links for more information about Foreign Currency and Currency Exchange Rates and Yearly Average Currency Exchange Rates
To enter this transaction in TurboTax Online or Desktop, please follow these steps:
Yes if you are filing a 1040 and are considered a US resident, you are required to report all your worldwide income on your tax return.
You will report this foreign bank interest on your tax return along with your foreign tax withholdings on this bank interest.
You can include this under the 1099-INT section. Just make sure that you include this amount in USD. Also, if you paid any foreign taxes on this interest income, you will be able to take a Foreign Tax Credit for taxes paid on income that is also taxed in the US.
The Internal Revenue Service has no official exchange rate. In general, use the exchange rate prevailing (i.e., the spot rate) when you received the income. Please refer to the following IRS links for more information about Foreign Currency and Currency Exchange Rates and Yearly Average Currency Exchange Rates
To enter this transaction in TurboTax Online or Desktop, please follow these steps:
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