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?

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1 Best answer

New Member

Jun 4, 2019 10:24:53 PM

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:

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

New Member

Jun 4, 2019 10:24:53 PM

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:

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

Level 2

Jun 4, 2019 10:24:55 PM

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

Level 2

Jun 4, 2019 10:24:56 PM

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

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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?