I know this topic has been asked before, but I believe I have some additional things. I live in Germany and own different accounts or financial assets earning (not much, but a bit) interest. I have filed my FBARs so far and I believe I comply with everything.However there are two big things I need help on. I have accounts with different banks generating little interest. I do not receive any forms to file with the IRS, but only statements that are used in Germany. As I understand, I must file these interest values in the "Interest and Dividends" section and then "Interest on 1099-INT" (Most interest income is reported on Form 1099-INT. However, you may find interest income on a consolidated broker's or financial institution statement. You may not receive a Form 1099-INT if your interest income was less than $10.)Additionally I have little investments in some Peer to Peer lending platforms (in Germany/Europe). Now I understand this not to be considered Passive Income, but interest/portfolio income. (https://ttlc.intuit.com/community/taxes/discussion/how-do-i-enter-interest-income-from-peer-to-peer-...)Does this mean I also just add these under the Interest Income section as above?Thank you all very much for your help!

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fortbliss13

Level 2

Solved

Interest Income - without 1099 forms

Forum|Forum|6 years ago
January 13, 2020
7 replies
108 views

I know this topic has been asked before, but I believe I have some additional things.

I live in Germany and own different accounts or financial assets earning (not much, but a bit) interest. I have filed my FBARs so far and I believe I comply with everything.

However there are two big things I need help on.

I have accounts with different banks generating little interest. I do not receive any forms to file with the IRS, but only statements that are used in Germany.
As I understand, I must file these interest values in the "Interest and Dividends" section and then "Interest on 1099-INT" (Most interest income is reported on Form 1099-INT. However, you may find interest income on a consolidated broker's or financial institution statement. You may not receive a Form 1099-INT if your interest income was less than $10.)
Additionally I have little investments in some Peer to Peer lending platforms (in Germany/Europe). Now I understand this not to be considered Passive Income, but interest/portfolio income. (https://ttlc.intuit.com/community/taxes/discussion/how-do-i-enter-interest-income-from-peer-to-peer-...)
Does this mean I also just add these under the Interest Income section as above?

Thank you all very much for your help!

Best answer by SusanY1

Yes, you will enter both of these items as interest. To do this in the program select the option I will type it in myself. Next, simply enter the name of the bank or peer to peer program in the box marked Payer name and the amount of interest in Box 1 - interest income.

Additionally, in the interview section of the program be sure to answer yes to the question (or check the box, whichever is applicable) to indicate that you were an owner of a foreign bank or other financial account. This will ensure that the correct boxes are marked on your Schedule B.