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schumamol
Returning Member

Reporting foreign interest income

If there is any interest income generated by foreign bank accounts, does it need to be specifically listed in Part I of Schedule B (along with domestic interest income), or is it sufficient to simply add it to line 2b of form 1040?

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1 Reply
LinaJ2020
Expert Alumni

Reporting foreign interest income

In fact, to avoid any e-filing errors, you can simply enter under Other Income.  This will show on line 8 of Schedule 1 and Form 1040. 

 

In TurboTax online,

  • Sign into your account, select Pick up where you left off
  • To the right upper corner, in the search box, type in "other reportable income" and Enter
  • Select Jump to other reportable income
  • Next screen, Other Wages Received, select No to continue
  • Next screen, scroll down all the way to the bottom, under Other reportable income, select Start
  • Next screen, Any Other Taxable Income? select Yes to continue

 

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