Do I need to report interests from foreign savings account into the "Investments and Savings" section?

[remi_dubreuil]

Hello, I own Savings account in France, and the total value of all these accounts was right above $50,000 on the last day of the year (litterally by just a couple hundreds of dollars).

So I completed my FBAR and I know I have to take TurboTax Premium to complete my taxes so you can file with my Form 8939.

But my question is: do I also have to report the interests I got last year from these foreign savings account into the "Investments and Savings" section of Turbotax? I got a little over $1,000 of interest last year and I already paid taxes on it in France. When I add this amount to my "Investments and Savings", it increases the amounts I owe for Federal and State taxes.

Thank you in advance!

[pk]

@remi_dubreuil , if you are a US person ( Citizen/GreenCard/ Resident for Tax Purposes ) you are taxed by the US on your world income i.e. all incomes no matter where generated.  Thus you must report/ recognize  your interest earnings  from Foreign bank(s).

Also note that any taxes paid to a foreign Taxing authority  is eligible  for  Foreign Tax credit ( in addition to  Treaty assertions depending on your immigration status ).   If the  total Foreign Tax Paid/levied  is equal/less that US$300 ( US$600 for a joint Filing ), you can use  Safe Harbor rather than  use of form 1116  ( with its limited allowable  credit for the year ).

Is there more I can do for you ?

[remi_dubreuil]

@pk thank you so much for your answer. Very helpful.

To clarify, I am not a US citizen nor have the green card as of yet, but just have been living in the US under different work visas and now have the Employment Authorization Document (EAD) while I'm waiting for my green card. So I am definitely considered a resident for Tax Purposes since I lived the full year in the US last year. 

So that means then that I should report my interest from my foreign accounts, and get the tax credit for the foreign taxes already paid on this, correct?

[pk]

@remi_dubreuil  what did you mean by   "living in the US under different work visas " ?   When did you enter the USA and with which visa ?

Note that  Substantial Presence Test   look at each year and requires  183 days total  of legal presence ( not exempt days )  counting all the days present in the current year + 1/3rd the days present in the prior year and 1/6 the days present in 2nd prior year.   If you are saying that during 2023, you were legally present and not on exempt status, then clearly you would be either dual status or Resident for Tax Purposes.

Then my earlier comments for coming under the requirements of FBAR and FATCA would definitely apply.

I am not sure from what you have said so far  that   you are indeed  a Resident for Tax Purposes ( because of  non-answered  questions ).

Is there more I can do for you ?