turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Mangoking
New Member

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

I see only interest using a 1099 INT.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

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

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 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question