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expatem
New Member

I live in the UK and earned $181 bank interest here. Trying to include as income, but TurboTax is going in circles, saying 'turns out you don't need to report'. Why not??

So I don't have a 1099 obviously because the UK does not issue these, but I did earn this amount in interest over the year. On the 'Your Income' page in TurboTax, I click into Edit/Add income from 1099/foreign accounts, then click that I own a foreign bank account, then that this was true in 2018, then that the value of the accounts was more than £10,000, then that I don't have any foreign trusts, then that I have foreign financial assets (my bank accounts) and that I live in a foreign country, finally that I had less than $200,000 in foreign financial assets.  Then it tells me I don't need to report these assets and takes me back to the start of these same questions  (and conclusions).  I don't believe I don't need to report my interest as income because when I've paid to have my taxes done previously, with less annual foreign interest, I still had to declare it as income.  Can someone help?  Is it a glitch in TurboTaxes system?  Or has it recently become true that as long as you don't have more than $200,000 in a foreign bank account you don't need to declare any interest income from these accounts?  It's the single thing holding me back from finally pressing 'file' on this return.  Thanks for any help.
1 Reply
DoninGA
Level 15

I live in the UK and earned $181 bank interest here. Trying to include as income, but TurboTax is going in circles, saying 'turns out you don't need to report'. Why not??

Report the interest earned from the UK bank the same as if earned from a US bank.

Enter 1099-int in the Search box located in the upper right of the program screen.  Click on Jump to 1099-int

Enter the name of the bank in the Received From box and the amount of interest received, in US dollars, in Box 1.  Click Continue.

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