I only have 1 foreign bank account with < $10000 balance and $4.92 interest.

[johnsantaclara]

I am a 21 year old student with just summer internship income and a bank account in India with a balance of Rs.25,566 and total interest of $4.92 (Rs. 320).  

[CarolC]

If you are asking about Foreign account reporting requirements, your filing status, as well as tax treaties between countries, determine whether or not you are required to report your bank interest and your foreign financial accounts.  

See this IRS link that explains tax details for international students:  http://www.irs.gov/taxtopics/tc851.html.  If you are considered a resident alien, you may use any Turbo Tax version.

If you are a non-resident alien, you will need to click the following link to report your US income as TurboTax does not support 1040-NR returns:  https://www.sprintax.com/non-resident-alien-tax-1040nr-turbotax.html.

[johnsantaclara]

Thanks for your response but my question was  different. I am not sure why my question is getting cut off though I had edited and saved it few times. Here was my question: I only have 1 foreign bank account with < $10000 balance and $4.92 interest. Should I fill any questions under Foreign Trust? Does Foreign trust include Foreign Bank? I selected yes for Foreign Assets but am not able to understand what Foreign Trust means and whether I should select any of the questions for this foreign bank account. I appreciate your advice.

[CarolC]

@neilkgan Answer "Yes" that you have foreign financial assets.  A foreign trust is different from a foreign bank account.  Generally, a financial trust is a type of account where the bank or financial institution has legal control over your assets.  If your account is a standard bank account, answer "No," or select "None of the Above" for the trust questions.

[johnsantaclara]

Very helpful! Thank you!

[johnsantaclara]

Also, when I chose Foreign assets, TurboTax Freedom just asked me if my account balance was < $10000 and when I selected No, then it didn't prompt me to enter the interest I had earned. Is that alright or should I be adding that somewhere? Thanks again

[CarolC]

@neilkgan The interest is entered elsewhere.  Type "1099-Int" in the search field.  Click "Jump to 1099-Int" to report this income.

[johnsantaclara]

Thanks a lot! That helped.