About Foreign Financial Aaaets

@JERRY-CH    How are the interest and dividends reported to you ?   Is this from a US broker, 1099-INT or 1099-DIV or what?  Or are you investing  directly or through a Non-US based broker in a foreign country?

Generally a US Broker reported foreign  earnings ( interest and/or  dividend etc. ) do not require you to provide any special information, especially when the total amount is less or equal  to safe harbor amount   ( $300 per filer -- $600 for a joint filer).

So please tell me more  about your situation -- yes ?

Thank you for your apply.But,I didn't receive any 1099 forms for my financial assets.They were just something like interest statements from foreign banks other than brokers.Someone told me i should put the name of banks and my interests amount in the form 1040 Schedule B line 1.And put my dividends in the Schedule B line 5.But i am not sure if it is right.I am looking forward to your apply. Thank you.

You can enter your foreign interest income as if you have received 1099-INT for this income.

To do that in TurboTax follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Interest and Dividends”
5. Choose “ Interest on 1099-INT” and select “start’
6. Select "I'll type it in myself"
7. Enter the name of the foreign bank and the amount (in USD) in box 1

Note: You may have to file form FinCEN114, if your foreign account(s) exceed $10000 at any time during 2020.  You have to file it through the Treasury website: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

@JERRY-CH ,agreeing with the excellent reply/instructions  by @npierson7 , would just want to touch on the dividend portion of your question.   Follow the same  steps for  dividends except i that in case of foreign dividends of foreign shares  ( that you invested in through non-US brokers),  there  will usually be no qualified dividends for US tax purposes -- so you enter the total dividends only and  zero for qualified  dividends -- but make sure  from your broker ( US brokers will tell  if there are any qualified  dividends in the distribution).  If you paid  any  foreign taxes  on these  incomes ( interest and /or dividends) then   enter  the taxes   while reporting the dividends -- there is box for that ( TurboTax will ask for this ).  Then choose the simplified method to deal with this  -- this will result in dollar for dollar  foreign tax credit  up to  $300  for a single filer and $600 for a joint filer  ( Safe Harbor amount).

By the way I am assuming here that you are US citizen/Resident.  Are you living abroad?