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    somi9's Avatar
    somi9 Posts: 1, Reputation: 1
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    #1

    Mar 21, 2008, 10:46 AM
    Taxation in USA for interest earned in foreign countries
    Do you have to declare interest earned with USA tax filing if you earned this in a foreign country and already paid taxes in that country?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Mar 21, 2008, 11:02 AM
    Yes, if you are U.S. citizen or resident.
    You will also claim credit for taxes paid in the foreign country. For this you will file Form 1116.
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #3

    Mar 22, 2008, 01:26 PM
    And if the foreign bank account value exceeds $10,000 at any point during the year, you need to file Form TD F 90-22.1.
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