@valleybuy , even though IRS Schedule-B uses "must fill out" the tick boxes there is NO requirement for an amended return -- (a) amended returns are for cases where there is a difference in either taxable income and/or tax liability ; (b) there is no curative mechanism for the error you quoited; (c) Note that this tick boxes are to cover the case where the filer has foreign income ( passive ) but does not meet the requirements(s) for FBAR ( FinCen form 114 ) and/or FATCA ( form 8938 ).
Thus my opinion / suggestion would be to hold still and see the IRS come calling , in which case admit error and there should be no further issue. I say this because the governing requirements are the FBAR and FATCA -- which you have complied with.
Is there more I can do for you ?
Thank you for responding , what is the curative mechanism ?
For all amendments for last 3-4 years I have it wrongly as No. does that change anything ?
@valleybuy , curative is when IRS send a form for you to sign --- they sometimes make obviously missed items , repair the error and send you for signature ( your return has to be signed somehow ( digitally or wet ).
If you have made the same error for the past few years, I would not wake up that sleeping dog. If IRS needs something ( especially they more payment ) they will come back to you.
Is there help you need ?