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    imagine044's Avatar
    imagine044 Posts: 6, Reputation: 1
    New Member
    		  
    #1

    Mar 8, 2010, 10:50 AM
    How to calculate foreign interest income
    Hello,

    I'm about to file 2009 tax return & wondering how I put my interest income from foreign bank?
    I put money on CD that matured during 2009 & got interest on it; however, how to convert that into USD$?
    Also, if there was foreign exchange rate difference between the day I transferred fund from the U.S. and the day I got interest income? (Money is still in foreign country though)
    I would appreciate in advance for your helpful advise!

    Thank you!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Mar 8, 2010, 12:40 PM

    Use transfer rate on the date you received the interest.
    Another filing requirement is Form TD F 90-22.1. Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income
    imagine044's Avatar
    imagine044 Posts: 6, Reputation: 1
    New Member
    		  
    #3

    Mar 10, 2010, 05:43 PM

    Thank you MukatA!
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