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-   -   Where to enter foreign interest in Turbo Tax (https://britishexpats.com/forum/usa-57/where-enter-foreign-interest-turbo-tax-712860/)

ImmortalNinja Apr 11th 2011 4:35 am

Where to enter foreign interest in Turbo Tax
 
Hi,
I have ~300gbp of interest from an ISA account to declare.
I'm using Turbo Tax but can't find the place to enter this. In the Interest and Dividends sections I see a sections for "1099-OID, foreign accounts". But it never asks me to input info on my UK interest.
Any thoughts?

Thanks

KK

avanutria Apr 11th 2011 3:09 pm

Re: Where to enter foreign interest in Turbo Tax
 
Perhaps it is simply categorized as foreign earned income?

ImmortalNinja Apr 12th 2011 6:28 am

Re: Where to enter foreign interest in Turbo Tax
 
From what I understand foreign earned income is for stuff like wages.
In the end I just entered the interest manually as a 1099.

KK

nun Apr 13th 2011 5:21 am

Re: Where to enter foreign interest in Turbo Tax
 

Originally Posted by ImmortalNinja (Post 9299869)
From what I understand foreign earned income is for stuff like wages.
In the end I just entered the interest manually as a 1099.

KK

You need to enter the foreign interest income on your Schedule B. As this is in an ISA, which is UK tax free, there won't be any tax credit to apply against US
tax. Creating a 1099-INT with your UK bank information and the interest converted to dollars is probably the way to get Turbotax to fill in the right information.


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