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To report foreign interest (including your foreign taxes) -
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 foreign interest income in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please follow these steps:
Since you enter the foreign interest under the 1099-INT section, it will not show up under the 1099-OID, foreign accounts section (only 1099-OID amounts are reported in this section). This section will only ask questions about your foreign accounts but not about the amount of any interest income from these accounts. This foreign account information is required by the IRS.
I input foreign interest and chose "Schedule B, Line 1", but it's not included in gross income. In past two years, I was using PC Download version, where the input went to "Schedule B, Line 1" and 1040 automatically.
It should show on line 2 of your Form 1040. Not sure what happened. You can also try to enter under "Other Income" to avoid any possible e-file errors due to the TIN.
In TurboTax online program:
The amount should show on line 8 of Schedule 1 and Form 1040.
@ savantz
I went through this, but this does not generate Form 8938 for me. My previous versions generated Form 8938 for me, which is not working in 2020 online version.
To generate Form 6938 in TurboTax Online, please follow these steps:
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