It might be that some information related to foreign account got carried over from last year. If you do not have a foreign account in the year of 2020, you can simply remove a Form 8938 "Statement of Specified Foreign Financial Assets" from the program. Here are the steps:
In TurboTax online,
- Sign into your account, select Pick up where you left off
- Select Tax Tools, click on the drop down arrow
- Select Tools
- Under Other helpful links, choose Delete a form
- Select Delete next to the form 8938 and other worksheets about foreign account and Continue with My Return
If you live in the US and meet one of the following criteria, you would need to file a Form 8938.
- Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
- Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.
For more information, click here: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
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