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sbob
New Member

Reporting foreign accounts 8938

I have foreign bank deposit accounts that I am reporting on Form 8938. I have earned interest in these foreign accounts but I have not withdrawn from them so this income is not reported on any W-2s or other forms. 

In form 8938, it asks me to fill in amounts related to income in Section 3. Does the interest earned in these accounts have to be reported here? The next fields ask me to report which form/schedule and line this interest is mentioned, but  I don't know what would go there.

 

Also, for US brokerage accounts with foreign holdings, do I need to report any interest on form 8938?

 

Once I'm done filling all fields in TT, will I be able to manually edit the individual form fields before filing?

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1 Reply
RobertB4444
Expert Alumni

Reporting foreign accounts 8938

You will enter all foreign interest into TurboTax through the 1099-INT section.  You will tell the system that it is foreign interest and you didn't receive the 1099-INT during the interview.  Then it will report interest on line 2b of form 1040 and you will enter the amount reported there on form 8938.  

 

US brokerage accounts do not have a form 8938 requirement.  Only foreign held interests.

 

If you are using the TurboTax desktop software you can edit directly on the form in 'forms view'.  If you are using TurboTax online once you have completed and paid for the return you will be able to view the forms and then go back and edit the source data in order to make changes.

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