I have a foriegn account but the account value is less than $10K. So I understand I don't have to report the account in the tax returns.
Do I have to report the interest earned in it? And where do I report the interest earned in Desktop version of the Turbotax Premier?
Thanks
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Enter it in the section labeled Interest on 1099 INT.
Yes, you need to report interest.
Even if you do not have a 1099 INT, you will report this here regardless. If duriing an error check it asks for a FEIN or EIN, enter 99-0999999.
Thanks Dave.
Under "Interest and Dividend" i see an option for foreign accounts (see the pic below). But it doesn't allow to enter interest when I choose the account value is less than 10K
Enter it in the section labeled Interest on 1099 INT.
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