Need help in entering interest income from foreign bank accounts

[Ravi Ammamuthu]

Hello There,

I have an interest income from foreign bank accounts. Where should I enter this in Turbox Tax? Also, how do I get the foreign tax credit for the same?

Regards,

Ravi

[DoninGA · Accepted solution]

To report interest income received -

Click on Federal Taxes (Personal using Home & Business)
Click on Wages and Income (Personal Income using Home & Business)
Click on I'll choose what I work on
Under Interest and Dividends
On Interest on 1099-INT, click on the start or update button

When entering the interest income in the TurboTax interview, on the screen will be a box to check labeled My form has info in more than just box 1.  Checking this box will open up the 1099-INT so that you can enter the foreign taxes paid in box 6.

 The foreign taxes paid will entered as a tax credit on Schedule 3 Line 1.  The total from Schedule 3 Line 8 flows to Form 1040 Line 20 as a tax credit.