Schedule B Question 7a kept defaulting to "Yes" and the return was filed with a "YES" answer but should be "No" is this something I need to amend my Federal taxes for?

Forum|Forum|3 years ago
January 23, 2023
3 replies
23 views

I did not have any signing authorty over a finacial instiution nor do I have any foreign accounts, The question kept defaulting to "YES" even though I went in and changed it more than once.

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DianeW777

Level 15

I would not recommend that you amend at this time. If you have to amend your tax return later for some reason you can change it then.

If the IRS does question it later at some point you can explain that you do not have any signature over any foreign country bank accounts and that the box was checked in error.

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John-1955

Level 2

I am having the same problem. I answer No and TT changes it to Yes. How do I fix this???

John-1955

Level 2

I just figured out that this was a user input error, not a TT problem. When I scanned in my 1099-DIV from Vanguard, TT incorrectly populated the Box 11 FACTA with a check. I didn't realize that at the time and hence TT was forcing a YES answer to the Foreign Financial Account question on Schedule B. When I went back and reviewed my 1099-DIV, I unchecked box 11, then re-answered the Foreign Financial Account questions and then Schedule B populated properly with a No answer.