Help needed filling Form 8938 - combination of domestic and foreign interest income

[mvrck3210]

I have a few foreign bank accounts that pay interest. The foreign banks/institutions do not send me a 1099-INT so I create one for each bank manually in TurboTax. There's a total of 4 1099-INTs that I have manually create d. In each of them, I fill the interest income and the foreign tax paid. In addition, I have 7 1099-INT forms that I import automatically from my domestic/US banks & financial institutions. My problem is as follows:

In Form 8938, Part III, Box 13a, I have to state the amount of interest income from foreign financial assets as well as the Form/Schedule & line number where it is reported. The part I'm confused about is:

a. whether I should add the sum of the interest from all 4 foreign financial assets and state that amount in Box 13a - Column c

b. whether I should state "Schedule B, Line 4" for column e in Form 8938, Part III Box 13a. Schedule B, Line 4 states the sum of all interest income that I received which is a combination of foreign interest income and domestic interest income, so it will technically not be the same as the sum of all foreign interest income. Is that OK?

[SusanY1 · Accepted solution]

Yes, you can add the sum for your interest in all of your foreign accounts for Box 13a - Column C.  

Also, Schedule B, Line 4 is also correct.  While it doesn't contain only your foreign interest, you are telling the IRS that you reported this as taxable interest with this reference.  It sounds like you did a great job figuring this form out!