Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

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

cancel
Showing results for 
Search instead for 
Did you mean: 
istorhok
New Member

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?

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?

1 Best answer

Accepted Solutions
DS30
New Member

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?

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


View solution in original post

3 Replies
DS30
New Member

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?

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
Level 2

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?

For tax purposes, Puerto Rico is not considered a foreign country, it is U.S. possession.
domingopr
Level 2

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?

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

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v