topic Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts in Deductions & credits

Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

vrk — Thu, 22 Aug 2019 06:28:14 GMT

I had foreign bank accounts with over $10,000 during 2018, but not over 100,000/150,000 (filing jointly). I answer all the questions accordingly when going through the guide of Form 1099-OID. I did fill interest fro, those foreign accounts in Form-1040
But when I review documents before filing I see 7a has NO and NO which does not seem correct. I did have to file FinCEN and I did have foreign accounts. Just not over the threshold.

Re: Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

Anonymous_ — Fri, 23 Aug 2019 23:42:58 GMT

That question should be asked again after you have completed the entire income section of the program (see screenshot).

Re: Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

vrk — Wed, 28 Aug 2019 00:47:15 GMT

This question I am getting when accessing from 1099-OID, Foreign Accounts.

Let's go step-by-step.

TT first asks this when I go to1099-OID.

Then this

And then this

Suggests this. I pick a country and click next

No trusts

Then this is my answer

And I get this and answer NO

Then it asks me to delete something weird (could be a short name for the country I picked). If I confirm the deletion.

After this my final 1040 looks like this, which seems wrong:

If I choose not to delete what TT is offering, I get an error before filing. And it suggests deleting that weird entry again.

I am frustrated. Please advise.

Re: Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

Anonymous_ — Wed, 28 Aug 2019 01:31:49 GMT

@vrk wrote:
I am frustrated. Please advise.

I understand, but I have to state that I ran through the exact steps in your series of screenshots and both boxes on Schedule B were checked "Yes". Therefore, I recommend contact Customer Support (link below) during regular business hours.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Re: Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

vrk — Wed, 28 Aug 2019 19:58:36 GMT

Support did help. We ended up deleting all Schedule B forms, re-entered interest and did the OID form again.

Re: Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

oso_hammers — Mon, 05 Apr 2021 03:14:04 GMT

I spent hours ripping my hair out over this. Turns out a form that was downloaded from a bank had the FATCA filing requirement box checked when it actually wasn't. Removing that fixed things for me.