Interest earned on foreign deposit accounts

[sat3]

Hello,

 I have a couple of multi-year fixed deposit accounts in a foreign country(similar to certificate of deposit here). These accounts were opened in 2019 and do not mature till 2021.  On maturing, interests from these accounts will be paid out. 

I know I need to declare these accounts in my FBAR filing. Should interest from these accounts be also listed in my income for my 2020 tax return(since the accounts do not mature until 2021)?  And next year, if I list this interest as part of my 2021 tax return, wouldn't I be double-counting the interest amount? 

Thank you in advance for any help or advice you can provide. 

[DanaB27 · Accepted solution]

It depends, if they are paid out to you then you will have to include them on your 2020 tax return. If the interest are not added to your account until it matures then you do not have to report it on your 2020 tax return.