How to report foreign bank account < $10000.

[MargaretL · Accepted solution]

You don't need to report a foreign bank account if the balance never exceeded $1000 in 2015. (I'm assuming that is the only account you have... the aggregate value of all foreign financial accounts must not exceed $10,000 at any time during the calendar year).

Since you have to FBAR reporting requirement, just answer no to the having a foreign account.

You do need to report the interest earned on the account balance.  In Turbo Tax, report the interest "as if" you have received form 1099-INT. Just enter the bank's name and the amount of interest earned in box 1 (always in U.S. dollars).

1.  Federal Taxes

2. Wages & Income

3. Interest & Dividends

4. Interest on 1099-INT