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