- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
As a resident alien for tax purposes for 2018, do I need to report interest on my foreign bank account even though my account balance never exceeded $10,000?
Here are my questions:
- Do I need to report interest on my foreign bank account even though my account balance never exceeded $10,000?
- If so, how do I submit the interest through TurboTax Premier?
- If it is through entering my foreign interest income as if I have received 1099-INT, which boxes do I have to fill out? (only Box 1 & Box 6?)
- Do I need to check "FATCA filing requirement box is checked"?
- Since my account is less than $10,000 I do not plan to file an FBAR to report my account. Is that a good move?
Thanks in advance for your help!
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
As a resident alien for tax purposes for 2018, do I need to report interest on my foreign bank account even though my account balance never exceeded $10,000?
A resident alien for tax purposes is treated as a resident alien/ citizen for most tax items. Interest earned in foreign bank must be recognized and taxed -- enter the details as if you had received form 1099-INT -- just tell TurboTax that your interest earnings were NOT reported on 1099-INT. In place of the Name of the entity, just enter the name of the foreign bank and tell TurboTax that it is a foreign entity.
FBAR requires a total foreign bank account(s) value of equal/ more than $10,000 ( equivalent ) at any time during the year. I f require to fill out the FBAR form , please visit www.fincen.gov and look for form 114 ( can only be filed on-line).
The FATCA requirements are much higher ( $90,000 or higher, depending on your filing status). You just tell TurboTax that you have foreign bank accounts and answer the questions concerning FBAR and FATCA
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
As a resident alien for tax purposes for 2018, do I need to report interest on my foreign bank account even though my account balance never exceeded $10,000?
A resident alien for tax purposes is treated as a resident alien/ citizen for most tax items. Interest earned in foreign bank must be recognized and taxed -- enter the details as if you had received form 1099-INT -- just tell TurboTax that your interest earnings were NOT reported on 1099-INT. In place of the Name of the entity, just enter the name of the foreign bank and tell TurboTax that it is a foreign entity.
FBAR requires a total foreign bank account(s) value of equal/ more than $10,000 ( equivalent ) at any time during the year. I f require to fill out the FBAR form , please visit www.fincen.gov and look for form 114 ( can only be filed on-line).
The FATCA requirements are much higher ( $90,000 or higher, depending on your filing status). You just tell TurboTax that you have foreign bank accounts and answer the questions concerning FBAR and FATCA
Still have questions?
Or browse the Forums