How to report foreign bank account financial product gains/interest

[Stonre007]

Hi,

I have some money in a foreign bank account's financial product (the financial product account is in the same account of the bank account. I set to buy the financial product and the money in the bank account was transferred to the financial product account and at the end of last year, the financial product contract expired and the money as well as interest all transferred to my banck account back). I wonder in this case, I should I report the interest from the financial product in Turbotax? 

Thanks a lot

[DavidD66]

Yes, you should report the interest earned from you foreign bank account.  Enter it as if you had a Form 1099-INT.  While logged in to your return,

• Click on "Search"
• Type in 1099-INT"
• Click on "Jump to 1099-int"
• Enter your interest income as if you had a Form 1099-INT

[pk]

@Stonre007  you report  all interest income  ( foreign and domestic ) the same way .   You just TurboTax that you interest income to report  ( in case of  domestic ones  you usually would have a  1099-INT )-- and then follow  through with the  questions and answers.  Also note for Foreign  financial  institutions  you will not have a EIN or such identification number -- so just use the name of the institution etc.

Also note that because you are dealing with foreign  financial / banks you may come under two other reporting requirements --- (a) FBAR -- form 114 , fill out online at BSA efiling.gov or FinCen. gov   if the aggregate amounts  in that institution at anytime in the year rose to equal or over US$10,000 ;   and  (b) FATCA --- form 8938 along with your return if the  amounts  totaled anywhere from US$90,000 or more depending on your filing status  and whether you are located in the USA or abroad.  Note that none of these reporting result in any tax but ignoring the  requirement to report can attract onerous penlties.

Is there more I can do for you ?