Report Foreign Accounts Income

[JohnZ1111]

Turbotax Support,

I have some foreign bank interest and dividend and need to report through Turbotax. 

I went through Wages/Income -> Interest & Dividend -> 1099-OID, Foreign Accounts. From there I went through the pages and give the info of my foreign accounts and put in the total income of interest & dividend. But after I finish this section, Turbotax creates the Form 8938 with all the interest and dividend amounts I just put in, but in the later 2021 Tax Summary I don't see the foreign account income got put in anywhere as my 2021 income. I kept receive the Form 8938 warning asking me where to report the INT & DIV.  Does that mean that all the foreign account income didn't get put into my total income yet somehow but the Form 8938 was created with all the amount info in there. Where does the amount go or do I have to put in the foreign INT & DIV amount again somewhere else ? Will that cause those foreign income got put in twice on the tax forms ?

Please kindly advise.

Thank you,

JohnZ

[rogge1722]

Delete  8938 and everything under 1099-OID and foreign accounts..Do a fresh start.

For foreign interest and dividends, use  the interest on 1099-INT and dividends on 1099-DIV. Bring up a blank copy of each one and fill it in using USD.

[JohnZ1111]

Thanks a lot for your reply, Rogge1722,

But the question is I don't know which forms I suppose to keep or delete and everything I just follow the TurboTax software step by step. When I finished the "1099-OID, Foreign Accounts" section and provided the foreign account and income info there, it created the 8938 form automatically and it has all the income amounts in there. Are those amounts suppose to go to the 1040 form somewhere ? I don't see it goes anywhere on the filing form 1040. If I delete the 8938 form, am I required to report the foreign account info somewhere ? I thought the From 8938 is the one to report the foreign account info and income amount.

On the 8938 form, "Part III, question 13 box b - tax items", it has the list of different types of income. I mean here I provided all the amounts for INT, DIV or even the foreign stock investment gain / loss . Where do those amounts go on the form 1040 or any other forms ? I need to find where they went so I don't have to put them twice somewhere else as the income again.

Thank you very much.

JohnZ

[rogge1722 · Accepted solution]

Form 8938 is to report the existence of a foreign bank account.    The data regarding income etc is informational only.  The income and capital gains/ losses would still have to be reported separately using the step by step method in TT.  If in your case a form 8938 is required then continue with the next issue in the interview.

[JohnZ1111]

Thank you very much, Rogge1722, you made it clear.