Foreign Bank Accounts

[Bo Ceder]

Hello, do I have to report my foreign bank accounts, and how do I do that using Turbo Tax? 

[R-SchuleCPA]

Here's how to do it in TurboTax: With your return open, go to Federal (or Federal Taxes) > Income & Expenses (or Personal if using Self-Employed or Home & Business). Open the Interest and Dividends section and start or revisit 1099-OID, Foreign Accounts. Answer the questions about your miscellaneous investment income

[Bo Ceder]

Thanks, can I use this to also report foreign income? How do I report foreign income if it has already been taxed by a foreign country?

[JandKit]

Hi  Bo Ceder,

As noted by another responder, the income is certainly reported. If the foreign income exceeds $10,000, additional reporting requirements will apply. This additional reporting is not included in Turbo Tax. Chief among them is the FBAR! The reporting of accounts in a Foreign bank and other accounts is reported on form 114. If the above requirements are met, please see this site for further instructions. 

 https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...