Canadain Bank Interest Income (NR4) on 1040

acd257 · Post by **acd257** » Sat Feb 18, 2012 5:06 pm

I have received NR4 for a small amount (<$20) interest income from US dollar account in a Canadian Bank. On which line on 1040 I have to report this income. Is it Other income line 21 or schedule B.

NickH · Post by **NickH** » Sat Feb 18, 2012 5:12 pm

As noted in the instructions for Form 1040, foreign-source income is reported in US dollars on line 8a. Schedule B is usually not required unless you are reporting more than $1,500 US of interest. However, your bank account is foreign (to the US) and thus requires completing Part III of Schedule B. You must also report your interest on Part I of Schedule B.

You should check whether you are required to complete form TD F 90-22.1.

acd257 · Post by **acd257** » Sat Feb 18, 2012 5:29 pm

Thanks for the reply. Tax software asks for 1099-INT form to fill schedule B. I received NR4.
I have been checking part III schedule B I am familiar with filling 8891 and TDF forms Thanks to this forum This is the first time I received NR4. Probably this year it is over $1o so they sent me NR4 form

nelsona · Post by **nelsona** » Sat Feb 18, 2012 8:09 pm

Nick is not quite incorrect. Interest is reported on schedule B.

Those with foreign accounnt should file schedule B to answer the questions at the bottom