Foreign Bank Accounts

Forum|Forum|3 years ago
November 16, 2022
2 replies
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Hello, do I have to report my foreign bank accounts, and how do I do that using Turbo Tax?

R-SchuleCPA

Level 5

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

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Bo CederAuthor

Level 2

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

Level 6

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-accounts-fbar

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