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    lenchen's Avatar
    lenchen Posts: 6, Reputation: 1
    New Member
     
    #1

    Jan 14, 2008, 04:02 PM
    Interest in foreign savings - how to report on 1040 Schedule B?
    Do I have to enter the calculated dollar amount on the line "taxable interest" in the 1040 Schedule B?
    Would it be right just to put the name of the bank there and calculated dollar amount or is is a wrong form for this pupose? I couldn't find any other place I could possibly fill it in...

    Thanks
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #2

    Jan 14, 2008, 08:23 PM
    Wish I knew the answer to this one. Maybe you could ask Chaney?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Jan 15, 2008, 10:51 AM
    Put the bank name and the calculated interest on Schedule B.

    That should suffice, since the IRS has NO paper trail from the foreign bank to validate your figure.

    Unless it is a large amount (over $1,000), they will take the figure at face value.

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