Need help in entering interest income from foreign bank accounts

Forum|Forum|2 years ago
September 17, 2023
1 reply
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Hello There,

I have an interest income from foreign bank accounts. Where should I enter this in Turbox Tax? Also, how do I get the foreign tax credit for the same?

Regards,

Ravi

Best answer by DoninGA

To report interest income received -

Click on Federal Taxes (Personal using Home & Business)
Click on Wages and Income (Personal Income using Home & Business)
Click on I'll choose what I work on
Under Interest and Dividends
On Interest on 1099-INT, click on the start or update button

When entering the interest income in the TurboTax interview, on the screen will be a box to check labeled My form has info in more than just box 1. Checking this box will open up the 1099-INT so that you can enter the foreign taxes paid in box 6.

The foreign taxes paid will entered as a tax credit on Schedule 3 Line 1. The total from Schedule 3 Line 8 flows to Form 1040 Line 20 as a tax credit.

DoninGAAnswer

Employee

To report interest income received -

The foreign taxes paid will entered as a tax credit on Schedule 3 Line 1. The total from Schedule 3 Line 8 flows to Form 1040 Line 20 as a tax credit.

AnandS

I am having issues following the instructions on turbo tax online version. This procedure does not work in the online version. It gets stuck at FEIN asking for the federal tax id for the foreign bank. How can I enter the interest and taxes paid in the online version?

DaveF1006

If the FEIN is the issue, use 99-0999999 and then you should be able proceed. Then you can enter the interest paid in Box 1 and the foreign tax paid in Box 6.

@AnandS

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