Question

TT flags an error for sub-0 interest in form 8983

Forum|Forum|6 years ago
March 13, 2020
1 reply
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I have bank accounts with foreign banks that have large enough money requiring me to file form 8983 but yield so low interest that the combined interest is less than 50 cents. I enter the amount in Part III line 1a column (c), and TT round down to 0. It won't allow me to enter cents. Then the TT check flags it and it says I should check box 2(d) "No tax item reported..". But they are reported in Schedule B, which allows entering amount less than 50 cents. What should I do? Is there a way to attach a note explaining why this is done this way? Or would IRS understand this kind of situation ? (Or they don't care?)

M

MinhT1

If your interest amount is less than 50 cents, it will be rounded to 0 in tax forms. As it is 0, then check the box 2(d). Just keep your foreign tax form with your tax records

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