Hi Tax Gurus,
I have foreign accounts with total values less then $10K in year 2005. One bank provided me with 1099INT and I do not have 1099INT from second bank. My questions are:
- I need to claim that I have foreign account and total value is less then 10K. In 1040, how do I calculate interest on second bank and do I add this value along with other INT1099 information after converting to US$ or need to put this value some where else? I am confused where to report in
- Do I need to send form to Dept. of Treasury even if the total value of foreign banks is less then 10K? Any suggestion/help is appreciated.
Thanks,
-A