When reporting foreign bank interest, should I provide net or gross interest amount?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

When reporting foreign bank interest, should I provide net or gross interest amount?

 
3 Replies
Highlighted
Level 6

When reporting foreign bank interest, should I provide net or gross interest amount?

You should report the gross interest amount. If you paid any foreign tax on this interest, you can claim it as a foreign tax credit on form 1116.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Highlighted
New Member

When reporting foreign bank interest, should I provide net or gross interest amount?

How to report this form 1116 in turbotax please?
Highlighted
Level 6

When reporting foreign bank interest, should I provide net or gross interest amount?

Please read this TurboTax FAQ: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3302405">https://ttlc.intuit.com/replies/3302405</a>
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Privacy Settings