Foriegn bank account and interest

[mytax26]

I have a foriegn account but the account value is less than $10K. So I understand I don't have to report the account in the tax returns.

Do I have to report the interest earned in it? And where do I report the interest earned in Desktop version of the Turbotax Premier?

Thanks

[DaveF1006]

Yes, you need to report ‌interest.

• Go to Federal Taxes
• Wages and Income
• Interest and Dividends
• Interest on 1099 INT

Even if you do not have a 1099 INT, you will report this here regardless. If duriing an error check it asks for a FEIN or EIN, enter 99-0999999.

[mytax26]

Thanks Dave.

Under "Interest and Dividend" i see an option for foreign accounts (see the pic below). But it doesn't allow to enter interest when I choose the account value is less than 10K

[DaveF1006 · Accepted solution]

Enter it in the section labeled Interest on 1099 INT.