Turbotax Foreign Bank Accounts

[Angelica 0]

Doing taxes ourselves for the 1st time......I added the interest from my 2 accounts and put in the larger accounts address and account number, but where does the 2nd accounts address and account number go ????? This is making my brain hurt !!

[rutabaga 209]

It sounds like you just added them together and put them in the same place. AFAIK, you should be reporting them as interest income and inputting them separately, as if you had gotten a 1099-INT for each account (i.e., the same way you'd report interest on a US bank account if you hadn't received a 1099-INT from your bank).

P.S. Here's a PDF of 1099-INT so you know what box to put what in; boxes 6 (foreign tax paid) and 7 (foreign country or US possession) may be of particular interest to you here.

Edited April 3, 2016 by rutabaga

[Angelica 0]

I added interest together ,but wanted to put account numbers, addresses and total amounts separate. Is that wrong then ?

[Angelica 0]

It sounds like you just added them together and put them in the same place. AFAIK, you should be reporting them as interest income and inputting them separately, as if you had gotten a 1099-INT for each account (i.e., the same way you'd report interest on a US bank account if you hadn't received a 1099-INT from your bank).

P.S. Here's a PDF of 1099-INT so you know what box to put what in; boxes 6 (foreign tax paid) and 7 (foreign country or US possession) may be of particular interest to you here.

I can't down load that

It sounds like you just added them together and put them in the same place. AFAIK, you should be reporting them as interest income and inputting them separately, as if you had gotten a 1099-INT for each account (i.e., the same way you'd report interest on a US bank account if you hadn't received a 1099-INT from your bank).

P.S. Here's a PDF of 1099-INT so you know what box to put what in; boxes 6 (foreign tax paid) and 7 (foreign country or US possession) may be of particular interest to you here.

I added interest together ,but wanted to put account numbers, addresses and total amounts separate. Is that wrong then ?

[rutabaga 209]

Yes, I think that's wrong and that you need to input it all separately for each interest-bearing account--doesn't matter if it's domestic or foreign. And that should be easy in TT, in the online version just click to add another 1099-INT (it doesn't matter if you didn't actually get one) after you're done with the first one (and when you fill them out you may need to check My form has info in more than just box 1 (this is uncommon) if you've paid foreign taxes on the interest).

[Nich-Nick 3,354]

Doing taxes ourselves for the 1st time......I added the interest from my 2 accounts and put in the larger accounts address and account number, but where does the 2nd accounts address and account number go ????? This is making my brain hurt !!

I am not at my computer where TurboTax is loaded, but it will say something like Add an account, where you enter the second one just like the first. Or it may say Do you have any more 1099-INTs to report? Each is done separately and TurboTax will create a Schedule B all filled out for you.

If you still can't find it, reply and I will go look at TurboTax, but I think it's pretty easy to find.