Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
M
mytax26
March 31, 2025
Solved

Foriegn bank account and interest

  • March 31, 2025
  • 1 reply
  • 0 views

I have a foriegn account but the account value is less than $10K. So I understand I don't have to report the account in the tax returns.

 

Do I have to report the interest earned in it? And where do I report the interest earned in Desktop version of the Turbotax Premier?

 

Thanks

 

    Best answer by DaveF1006

    Enter it in the section labeled Interest on 1099 INT.

    1 reply

    DaveF1006
    DaveF1006
    March 31, 2025

    Yes, you need to report ‌interest.

     

    • Go to Federal Taxes
    • Wages and Income
    • Interest and Dividends
    • Interest on 1099 INT

    Even if you do not have a 1099 INT, you will report this here regardless. If duriing an error check it asks for a FEIN or EIN, enter 99-0999999.

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
      M
      mytax26Author
      March 31, 2025

      Thanks Dave.

      Under "Interest and Dividend" i see an option for foreign accounts (see the pic below). But it doesn't allow to enter interest when I choose the account value is less than 10K

       

       

      DaveF1006
      DaveF1006Answer
      March 31, 2025

      Enter it in the section labeled Interest on 1099 INT.

      **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
        TurboTax Sign In Widget
        TurboTax flag icon

        Unlock tailored help options in your account

        Create an account
        TurboTax Expert Assist
        TurboTax Expert

        Get answers to all your tax questions

        Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

        Terms & ConditionsCookie settingsAccessibility statement
        Intuit
        TurboTax Credit Karma QuickBooks MailChimp

        ©1997-2022 Intuit, Inc. All rights reserved.
        Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
        of Intuit Inc. Terms and conditions, features, support, pricing, and service options
        subject to change without notice.

        Security Certification of the TurboTax Online application has been performed by
        C-Level Security.

        By accessing and using this page you agree to the Terms of Use.

        Accessibility

        TRUSTe nResult Certified e-File C-Level Security Certification