For Foreign Financial assets -- if I am not required to report Foreign financial assets (< $11000) as per IRS because it is below IRS threshold requirement of $100K or $150K for reporting:
Do I have to report Foreign Bank interest income in my tax returns?
For FBAR: it is a separate requirement to report if assets are $10K more more, but the question is for Tax Return.
You'll need to sign in or create an account to connect with an expert.
Even though you may not have to report the accounts on an FBAR, you need to report the interest earned as you are required to report all of your income earned, worldwide, if you are filing a U.S. resident tax return. You report it the same as interest on a U.S. bank account, by entering it as interest income in the Wages & Income section of the program.
You will not have a U.S. tax form 1099-INT so select "Type it in myself" and skip import. Then enter the interest in the field for Box 1.
Even though you may not have to report the accounts on an FBAR, you need to report the interest earned as you are required to report all of your income earned, worldwide, if you are filing a U.S. resident tax return. You report it the same as interest on a U.S. bank account, by entering it as interest income in the Wages & Income section of the program.
You will not have a U.S. tax form 1099-INT so select "Type it in myself" and skip import. Then enter the interest in the field for Box 1.
Thanks!
How about CD (Certificates of Deposit) income that are tax exempt in foreign country? Do we have to report those as well?
Additionally, a separate topic:
There are expenses to manage foreign accounts - like CPA, legal, transportation expenses etc. Is there a way to claim such expenses?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
babj668707
New Member
Mikewithaquestion
Level 3
fcbdc
New Member
LJ038
Returning Member
sourav93
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.