Question

For reporting foreign bank accounts. An account has no income, but money was withdrew sent to my another foreign bank account, does it mean deductions for this account?

Forum|Forum|4 years ago
March 6, 2022
1 reply
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I asked as it needs to select "This account did not have income, deductions, or credits with it". Thanks.

TurboTax Deluxe Online

Yes, if you withdrew money from the account that would be considered a deduction.

A deposit would be a credit. Interest earned on it would be income.

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R

reneerexAuthor

Hello Vanessa,

Thanks for your reply.

This account is an electrical wallet. It is tied with an App. I used it to buy things (for personal use), money was deducted from my another foreign bank account. Then, when I returned things, money was deposited to this electrical wallet account. But it did not produce an interest income. I transferred the money back to the bank foreign bank account.

Please correct me if I am wrong, Thanks.

For this electrical account, it does NOT have an income.

The money was transferred to the foreign bank account. As it is considered as a deduction, so I should select "YES" for the question: is this account has any income, deduction or credits associated with it?

My concern is that: if I select "YES", how do I specify that it is NOT an income but a deduction? I mean, for the other foreign bank accounts (that I selected "YES" for this question), I could enter interest income for them. It will be reflected as interest income in the report. However, for this account, it was ONLY total value change, and it was between my own foreign bank accounts.