Fixing Schedule B

[avaradar]

While filing Schedule B, I incorrectly said "Yes" on Question 7 (a) - "are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report that financial interest or signature authority". After filing for my taxes (using TurboTax), I realized that I do not need to file FBAR as my foreign assets are under the $10k limit. How do I fix this error?

[Karis_F]

To change the answer to question 7(a) on Schedule B, you will need to go back to the Foreign Accounts area in TurboTax and go through the questions again.

In TurboTax Online, go to Income>Less Common Investments and Savings>1099-OID, Foreign Accounts.

In TurboTax Desktop, go to Personal Income>Interest and Dividends>1099-OID, Foreign Accounts.

You will see the question: Was the total value of your foreign accounts more than $10,000 at any time during 2025? Answering No here will  indicate on question 7(a) on Schedule B that you are not required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Here is a TurboTax article on FBAR compliance for more information.