FORIEGN BANK

16 replies
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I have a Bank account in Foreign country which does not send 1099. But it does earn interest where should I enter those in Premier TT. It did not give me an option to enter those even after checking yes for Foriegn account

KrisD15

Alumni - Intuit

You would enter the foreign interest AS IF you had a 1099-INT in the "Interest and Dividends" section under income

(this section in TurboTax may look a little different, continue, select "Add Investment" and "skip import" if needed)

When you enter the interest, you can also click the box for "My form has info in other boxes" so the drop-down will allow you to enter foreign tax paid in Box 6.

You may then return to "Deductions & Credits" and scroll to "Foreign Tax Credit" and continue that interview.

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sking10

Level 4

@KrisD15

I have a foreign bank account and the interest earned is reflected in another currency. How do I reflect this in US dollars by adding a 1099 INT investment? The statement also reflects tax deducted on the interest credited. How do I take the credit for this tax on my tax returns?