Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 2, 2021 11:13:18 PM

Where do I report bank interest from a foreign bank. I have no 1099

I see only interest using a 1099 INT.

0 1 264
1 Replies
Level 15
Feb 3, 2021 12:02:41 AM

use a 1099-int. list the name of the foreign bank.   you'll need to convert from foreign currency to US currency.

Most people use the yearly average exchange rate between the U.S. dollar and the foreign currency they receive to calculate this. The IRS lists a few yearly exchange rates on the Yearly Average Currency Exchange Rates Translating Foreign Currency into U.S. Dollars page of its website.

Note that there is no “official” exchange rate you are obliged to use for this calculation. Any posted, “consistently used” exchange rate—like those utilized by major banks—is acceptable

 https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates