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Level 2
posted Jun 3, 2019 11:50:58 AM

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

0 3 1240
3 Replies
Expert Alumni
Jun 3, 2019 11:50:59 AM

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.

Level 2
Jun 3, 2019 11:51:00 AM

How to report this form 1116 in turbotax please?

Expert Alumni
Jun 3, 2019 11:51:03 AM

Please read this TurboTax FAQ: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3302405">https://ttlc.intuit.com/replies/3302405</a>