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harshaljoshi
New Member

I have Indian bank account and earned interest. I need to report that. How should I do it? I did not see Schedule B form anywhere. How do I report Indian interest

 
1 Reply
MargaretL
Employee Tax Expert

I have Indian bank account and earned interest. I need to report that. How should I do it? I did not see Schedule B form anywhere. How do I report Indian interest

Please enter your foreign interest income AS IF you have received 1099-INT for it and enter interest income in box 1. If you paid any foreign taxes on the interest income, enter them in box 6 of 1099-INT form (be sure to indicate that you have more than just box on the form - see pic).

  1. Federal Taxes
  2. Wages & Income
  3. Interest and Dividends - select Interest on 1099-INT - (be sure to indicate that you have more than just box on the form - see pic).

Note: You may have to file form Fincen 114, if your foreign account(s) exceed $10000 at any time during 2016.  You have to file it through the Treasury website: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

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