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May 16, 2021
Question

What is the line number to enter for foreign income interest? Not sure what schedule/number it belongs to. The table has two blanks - one in each column.

  • May 16, 2021
  • 1 reply
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I have interest income from bank account in India. Need to know where to enter this in the wages/income section. Already entered the details under Federal-foreign accounts info section

1 reply

May 16, 2021

Here are the steps:

 

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

 

This amount will show on line 8 of Schedule 1 and Form 1040.  As long as it is reported on your tax return as other income, IRS will accept even though it was not reported on line 2, the interest line.