Do I need to report interest on an account in a foreign country?

If you have accounts or trusts in a foreign country, you must complete Form 1040 Schedule B. Schedule B, part III asks questions to determine whether you may need to report additional information to the U.S. government about your foreign interests.

U.S. citizens and residents who have interests in foreign accounts must file FinCen Form 114 (also known as FBAR) if the total value of all your foreign accounts exceeded $10,000 at any time during the calendar year. The FBAR is filed separately from your tax return.

Credit Karma Tax does not currently support reporting foreign accounts, interest, deductions or credits. If you have Foreign Income to report, you will need to file the relevant forms with the IRS directly and will not be able to do so through Credit Karma Tax.

You can find out when and how to file the Schedule B form on the IRS website.