Question

I have international income interest. Is there a limit below which I don't have to declare?

Forum|Forum|1 year ago
April 14, 2025
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TurboTax Deluxe Online

You need to report foreign income if you're a US citizen or resident. You'll need to report all of your income, whether it was earned in the US or abroad.

If your total income is at or above the threshold for your filing status, you need to file a return and report all of your taxable income including that from a foreign source, unless you qualify to take the foreign income exclusion.

If you don't see specific countries mentioned on your 1099, you may see the designation "RIC", for Registered Investment Company. You can safely use the designation RIC for purposes of labeling dividends for foreign tax credit purposes.

If all your foreign-taxed income was 1099-reported passive income, such as interest and dividends, you don't need to file Form 1116 in order to get the foreign tax credit, provided that any dividends came from stock you owned for at least 16 days, though you will need to answer the questions in TurboTax.

Please see this tax tips article for more information.

See this help article for more information.

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M

mogu840-mummyAuthor

Unfortunately, in the online version of turbo tax, I don't see a way to enter that information. I didn't get a 1099-INT - as this is an international bank. Last year I had someone else do my taxes. And I see that there was a Schedule-B filed for the same taxable interest. Unfortunately, (again) in the online version, I don't know where to enter that information.

SusanY1

Thank you that was very helpful indeed!

Another quick question. Where do I report the foreign taxes paid? I tried clicking through the "Foreign Tax Credit" section - and it bails out saying "Looks like the Foreign Tax Credit doesn't apply this year". So not sure what I need to do to get that fixed. Any help will be sincerely appreciated.

Return to the 1099-INT area, and check the box "My form has info in other boxes". Enter an amount in the foreign tax box here. Be sure to leave other boxes blank (don't enter zeroes). After you have entered tax paid here, TurboTax will ask you additional questions to help calculate the credit.

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