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May 20, 2020
Question

What should I do with the interest and divident from my foreign account in turbotax?

  • May 20, 2020
  • 1 reply
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What should I do with the interest and dividends from my foreign account in TurboTax?  When we filed tax through H&R Block last year, we submitted Form 8949 regarding my foreign accounts. Also, we filled SCHEDULE B (from 1040) with interest and dividends from my foreign accounts. This is my first year to use Turbotax, and I have no idea where I should fill these information. (I have submitted my FBAR already.)

1 reply

May 22, 2020

You should report interest and dividends form your foreign account in TurboTax under the appropriate sections just as if you had received  a form 1099-INT or form 1099-DIV.

 

Form 8949 is only used if you had stock transactions in a brokerage account.

 

To report interest:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to All Income, locate the section Interest and Dividends and click on Show more
  4. Click Start next to Interest on 1099-INT.

 

To report dividends:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to All Income, locate the section Interest and Dividends and click on Show more
  4. Click Start next to Dividends on 1099-DIV.
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