Do I need to report interest income from bank in Puerto Rico (form 480.6A) in the amount of $76.25? If so, how/where do I include this interest income in turbo tax 1040?

[istorhok]

I'm a resident of Michigan filing federal tax return in turbo tax.  I have a bank account in Puerto Rico to take care of mother who resides in Puerto Rico.  I received form 480.6A from the bank stating the interest earned in the account for 2016, totaling $76.25.  I'm trying to find out if/how to report this in the turbo tax 1040, as the form is not the same as U.S. banks. How do I do this?

[DS30 · Accepted solution]

Yes, you will need to report this Puerto Rican Bank interest as income on your income tax returns.

You can include this PR interest under the 1099-INT section as if you received a 1099-INT. Just make sure that you include this amount in USD.

To enter foreign interest income in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please 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, the amount (in USD) in box 1

[domingopr]

For tax purposes, Puerto Rico is not considered a foreign country, it is U.S. possession.

[domingopr]

For tax purposes, Puerto Rico is not considered a foreign country, it is U.S. possession.