Foriegn bank account and interest

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

846

Expert Alumni

Mar 31, 2025 2:25:55 PM

Yes, you need to report ‌interest.

Go to Federal Taxes
Wages and Income
Interest and Dividends
Interest on 1099 INT

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.

Level 2

Mar 31, 2025 3:23:09 PM

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

Expert Alumni

Mar 31, 2025 3:36:14 PM

Enter it in the section labeled Interest on 1099 INT.

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Foriegn bank account and interest