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I am reporting my foreign earned interest income on a 1099-INT, however I was slightly confused as the explanation for box 1 (Interest income) says “Interest income is the taxable amount of interest paid to you during 2017”. However the interest I earned in my foreign savings account was not taxable in that country. So do I still enter the amount in box 1? If I do, is it because under US law, interest is counted as taxable income?
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That the interest is not taxable abroad does not matter, it is still taxable in the US, unless there is a tax treaty in place saying otherwise.
That the interest is not taxable abroad does not matter, it is still taxable in the US, unless there is a tax treaty in place saying otherwise.
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