I have multiple accounts abroad at different banks. Lets say 1 have:
Me
Bank 1 - 5 different accounts
Bank 2 - 3 different accounts
Bank 3 - 4 different accounts
Can I just make 1 1099-int for each bank instead of each account?
Will this be ok for FATCA?
Yes, you can combine the interest from multiple accounts at the same bank into a single 1099-INT form. The IRS will match the total interest reported with your Social Security number, so you don't need to file separate forms for each account.
So, for FATCA, you need to report each account separately, but for 1099-INT, you can combine the interest from multiple accounts at the same bank into one form. FATCA is only concerned that you report your accounts but not concerned how you report your interest income on your tax return.
Yes, you can combine the interest from multiple accounts at the same bank into a single 1099-INT form. The IRS will match the total interest reported with your Social Security number, so you don't need to file separate forms for each account.
So, for FATCA, you need to report each account separately, but for 1099-INT, you can combine the interest from multiple accounts at the same bank into one form. FATCA is only concerned that you report your accounts but not concerned how you report your interest income on your tax return.
Hi,
Yes, for FATCA I saw it down the road. So painful. I have so many accounts as I used to live in that foreign country and tried to take advantage any offer available on high interest....
Do I need to report accounts with zero balance and no activity? Maybe save some time there by excluding these.