Foreign Bank Int and Tax withheld

I have Three questions

1. Where do i report foreign Bank Interest and Tax withheld in Turbotax

2.Where do i report Crypto currency sale.

3.Where do i report Stimulus payment received.

$.when is form 1116, schedule B going to be available.

thanks

477

Expert Alumni

Mar 9, 2022 10:39:26 AM

1. Bank interest for foreign banks can be entered under 1099-INT- you only have to enter the name of the bank and amount. What do you means by tax withheld? If it was paid to the foreign country, you will enter in Foreign Tax Credit or Deduction section.

2.Cryptocurrency sales are reported as Investments- see Stocks, Cryptocurrency, Mutual Funds, Bonds, Other Your Cryptocurrency Tax Guide - TurboTax Tax Tips & Videos.

3.After you complete all entries, the stimulus information can be added (as a shortcut, click on Other Tax Situations-then Let's Keep Going on the bottom.)

4. The latest TurboTax update for forms release date has schedule B coming out in paper 3/12/22 and for efile 3/13/22. Cross your fingers.

Level 4

Mar 9, 2022 3:03:57 PM

you don't need to file form if Foreign tax credit is under $300.00 (found on another post on Turbo Tax)

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Foreign Bank Int and Tax withheld