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For a foreign account, I report interest as 1099-int. It is asking me what is the form and line and schedule and line I report those? how do I find that ?

Forum|Forum|4 years ago
March 5, 2022
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I have small interest for a foreing account. one of the question I get it to report schedule line and form line how do I find this ?

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Best answer by LoganathanB

You report bank interest in the Schedule B line1.

If you are filling out form 8938 you use the above information..

To enter the interest income, you should:

Enter interest income in the Search Magnifying Glass in the upper right hand corner of your screen.
Select Jump to interest income
Select you will enter the information yourself.

You report the foreign taxes paid on the interest income.

The foreign tax paid is entered as follows:

Federal Taxes
Deductions & Credits (you may have to select See all Tax Breaks)
Scroll down to Estimates and Other Taxes Paid,
select Foreign Taxes

Please make sure you report the interest income before claiming credit for foreign taxes paid.

@jul31 [Edited 03/6/22|1:02 pmPST]

L

LoganathanBAnswer

You report bank interest in the Schedule B line1.

If you are filling out form 8938 you use the above information..

To enter the interest income, you should:

Enter interest income in the Search Magnifying Glass in the upper right hand corner of your screen.
Select Jump to interest income
Select you will enter the information yourself.

You report the foreign taxes paid on the interest income.

The foreign tax paid is entered as follows:

Federal Taxes
Deductions & Credits (you may have to select See all Tax Breaks)
Scroll down to Estimates and Other Taxes Paid,
select Foreign Taxes

Please make sure you report the interest income before claiming credit for foreign taxes paid.

@jul31 [Edited 03/6/22|1:02 pmPST]

J

jul31Author

Thanks for your answer. for my foreign account I reported the interest with the 1099-int but when I wrap up the tax the software is asking me to report the schedule line and form line. I don't know what are those and how to find them? I didn't fill out the form 8938 form, should I do that, if yes can you indicate how I do that please?

I did fill out the Fbar report.

Thanks for your help