Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Apr 9, 2025 9:45:41 AM

Interest on Foreign Bank Accounts with income source outside of USA

Is interest from an overseas bank account (foreign bank) for US Citizen with income coming from sources outside of USA (such as family inheritance) considered interest income and needs to be reported as such?

0 1 782
1 Replies
Expert Alumni
Apr 9, 2025 9:50:19 AM

Yes. A US resident is required to report all worldwide income. If you do happen to pay tax to a foreign country on the same income you may be entitled to a foreign tax credit.