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Level 2
posted Mar 5, 2022 3:39:45 PM

For a foreign account, I report interest as 1099-int. It is asking me what is the form and line and schedule and line I report those? how do I find that ?

I have small interest for a foreing account. one of the question I get it to report schedule line and form line how do I find this ?

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1 Best answer
Level 7
Mar 5, 2022 4:01:09 PM

You report bank interest in the Schedule B line1.

If you are filling out form 8938  you use the above information..

 

To enter the interest income, you should:

  1. Enter interest income in the Search Magnifying Glass in the upper right hand corner of your screen.
  2. Select Jump to interest income
  3. Select you will enter the information yourself.

 

You report the foreign taxes paid on the interest income. 

 

The foreign tax paid is entered as follows:

  1. Federal Taxes
  2. Deductions & Credits (you may have to select See all Tax Breaks)
  3. Scroll down to Estimates and Other Taxes Paid
  4. select Foreign Taxes

Please make sure you report the interest income before claiming credit for foreign taxes paid.

 

@jul31  [Edited 03/6/22|1:02 pmPST]

6 Replies
Level 7
Mar 5, 2022 4:01:09 PM

You report bank interest in the Schedule B line1.

If you are filling out form 8938  you use the above information..

 

To enter the interest income, you should:

  1. Enter interest income in the Search Magnifying Glass in the upper right hand corner of your screen.
  2. Select Jump to interest income
  3. Select you will enter the information yourself.

 

You report the foreign taxes paid on the interest income. 

 

The foreign tax paid is entered as follows:

  1. Federal Taxes
  2. Deductions & Credits (you may have to select See all Tax Breaks)
  3. Scroll down to Estimates and Other Taxes Paid
  4. select Foreign Taxes

Please make sure you report the interest income before claiming credit for foreign taxes paid.

 

@jul31  [Edited 03/6/22|1:02 pmPST]

Level 2
Mar 18, 2022 5:41:40 PM

Thanks for your answer. for my foreign account I reported the interest with the 1099-int  but when I wrap up the tax the software is asking me to report the schedule line and form line. I don't know what are those and how to find them?  I didn't fill out the form 8938 form, should I do that, if yes can you indicate how I do that please?

I did fill out the Fbar report.  

 

Thanks for your help 

 

 

Expert Alumni
Mar 18, 2022 8:00:29 PM

That would be Schedule B Line 4 and Form 1040 line 2b. You would report a 8938 if the FATCA filing requirement Box is checked on the 1099 INT.

 

@jul31

Level 2
Mar 20, 2022 9:02:48 AM

thank you

 

Can I look up the  Schedule B Line 4 and Form 1040 line 2b in turbo Tax? To make sure I enter it in the right place? 

I didnt received a  1099 INT for this account but can I fill the  8938 form in turbo Tax? 

Thanks 

 

Level 2
Mar 20, 2022 9:29:38 AM

I did fill up the 8938 in turbo tax it is this form that is asking for the form and line and schedule and line which I cannot find. 

 

Thanks 

 

Level 2
Mar 20, 2022 10:06:46 AM

I think I got it covered 

thanks 

for the help