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Interest received on bank deposits from foreign country and paid taxes in the foreign country. As a resident in US - do I have to pay tax on this income again in US?
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As a US resident, you are required to report worldwide income including foreign interest. However, if you paid taxes on the same amount of income to both the foreign government and IRS, you will be able to claim a foreign tax credit on Form 1116 with your US tax return.
To enter form 1116, foreign tax credit :
In TurboTax online,
1. After sign into your account, select Pick up where you left off
2. At the right upper corner, in the search box, type in foreign tax credit and Enter
3. Select the 1st choice on the search results - Jump to foreign tax credit
4. Start with screen Foreign Taxes and select Continue to follow prompts.
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