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TurboTax Online did not select 'Yes' on 1040 Schedule B Part III 7a after I answered the foreign bank account questions in Prepare a report on foreign financial assets. Likewise, 'Yes' was not selected after I answered questions in Wages and Income -> 1099-OID, Foreign Accounts.
As background, I earned $4k of interest from a foreign bank account with a balance over $10k but the balance was under the thresholds for Form 8938. I reported the foreign interest income in 1040 Schedule B as I do for domestic banks.
As I understand it, I am required to select 'Yes' on Schedule B, Part III, 7a regarding having a foreign bank account. But I don't see a way to make TurboTax Online to do this in my situation.
The program asks every single person if they have a foreign bank account. That is one of the 2 most important questions in the eyes of the IRS. If you have denoted financial assets, you are done.
If you need to correct your answer or have not seen it:
I need to change schedule b part III from no to yes. I follow your steps. It still does not change that information on my tax form.
The best place to get to this section is to go:
Your advice does give the desired result but I couldn't see this until I switched to the software version of TurboTax and used the forms view. As feedback I want you to know it was alarming to see TurboTax say
"Based on what you told us, it turns out you don't need to report your foreign financial assets." when it actually did select 'Yes' on 1040 Schedule B, 7a and 7b. It seems to be contradicting itself. May I suggest changing its choice of words to reduce the ambiguity and speak to the state of mind of more customers? Failure to report a foreign bank account can be a serious offense and some of us really want to follow the law but TurboTax is creating doubts, unintentionally I think, about its ability to help us do this.
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