Where do I report interest from Foreign bank (Canada). I reported it under 1099-OID foreign accounts but turbotax asked me where reported like "Form and Line" and "Schedule and line". Should I report interest from foreign bank in another location?
It depends. 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).
Note: You may have to file form Fincen 114, if your foreign account(s) exceed $10000 at any time during 2020. You have to file it through the Treasury Dept..
Also if the foreign tax paid is more than $300, you will need to file a form 1116 to claim the credit.
[Edited 03-30-2021|12:17 PM PST]
It depends. 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).
Note: You may have to file form Fincen 114, if your foreign account(s) exceed $10000 at any time during 2020. You have to file it through the Treasury Dept..
Also if the foreign tax paid is more than $300, you will need to file a form 1116 to claim the credit.
[Edited 03-30-2021|12:17 PM PST]