Where to enter capital gain & interest for a foreign bank account?

Forum|Forum|2 years ago
February 20, 2024
2 replies
0 views

I'm using TurboTax Premium online.

I have a foreign account that generated both some capital gains and interests. Being a foreign account, I did not get any 1099 forms. Where exactly am I supposed to enter this? I tried a couple of things:

I went through the '1099-OID,Foreign Accounts' section, but because my account didn't reach the threshold, it said I didn't need to od anything there.

I tried adding things under the 'Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)', but it expects me to have a 1099. I tried pretending I had one and entering everything manually, and that 'worked', but feels sketchy/wrong.

What is the right thing to do here?

TurboTax Premier Online

Best answer by Mike9241

you pretend you got a 1099-INT so use that form

capital gains go on form 8949 - in the investment section in TurboTax

types would be c or f which tells the IRS that neither cost nor proceed was reported to them. in all case you must convert to US Currency

Mike9241Answer

you pretend you got a 1099-INT so use that form

capital gains go on form 8949 - in the investment section in TurboTax

types would be c or f which tells the IRS that neither cost nor proceed was reported to them. in all case you must convert to US Currency

JeanAtkinsonAuthor

Thanks @Mike9241 that is helpful!

For converting to US currency, I'm using the exact exchange rate from the Buy date and separately from the Sell date. I assume that is more correct than using the same exchange rate throughout.