Each time I try to file my simple tax return, turbo tax wants me to upgrade because it says I have a financial account in a foreign country which I DON'T have? What now?

[frfailing1946]

My return should be simple.  I have a military pension, a public pension and social security.  The only "unusual" activity would be that I sold my house, but I meet the requirements for not having to report that sale, i.e., under $ threshold and lived in the required number of years prior.  I don't have any foreign accounts.

[RalphH1]

If the TurboTax program thinks you have foreign accounts, it will ask you to upgrade. But obviously we don’t want to do that here — we just need to tell it you don’t have any such accounts.

@frfailing1946, please try this:

1. Go to “Federal Taxes”
2. Click on “Wages & Income”
3. Then on “I’ll choose what I work on”
4. Then, on the “Your 2022 Income Summary,” scroll down to “1099-OID, Foreign Accounts,” and select “Update.”
5. You will see a “Miscellaneous Investment Income” screen, where you’ll want to make sure the foreign trust boxes are not checked…
6. And you’ll see a “Foreign Financial Assets” screen, where you want “No…” selected.
7. Then click on “Review,” which should tell us that this issue has been taken care of so that you can proceed with filing.

Hopefully the review confirms everything is fine and you’re able to file. But if not, please re-post, as there are some more involved ways to delete info which can get stuck in the program, and I or someone else can explore those with you.

[frfailing1946]

I appreciate the input, but when I click on Federal and then Taxes and Income, there is no "Choose what I'll work on" option anywhere on the page.

[frfailing1946]

Also I found the page where I can see a copy of the physical return and there is absolutely nothing on it anywhere that includes foreign income or assets.  And I have already cleared and reset the form once and started over with the exact same results.

[KrisD15]

Using TurboTax Online

Click Federal, then Wages & Income on the left side bar

Look at what has been listed under your income

If that looks fine-

Scroll down to Less Common Investment and Savings and click Show More

Click 1099-OID, Foreign Accounts 

Select "None of the above" for foreign banks if applicable. 

Continue through the interview

Can you also look at your forms to see if anything is listed, perhaps from last year, that would be causing the error?

Click Tax Tools on the left

Click Tools from that drop-down

Click Delete a form from the Tools Center screen 

Please look for any forms which should not be listed and delete if necessary 

[frfailing1946]

Again, I appreciate the attempt to assist, but none of the items you had me look for were there.  I am giving up and going to do it on paper.  This is a simple return and I shouldn't have to pay for assistance when free filing is being promoted.  What you and the previous poster have suggested do not match up with what is showing on my screen.

Sorry and thanks for trying.

Fred

[pk]

@frfailing1946 , while in your frustration you have decided to do the return by hand, one sentence in your original post that caught my eye  -- sale of your home ( and not requiring to report/ recognize the sale ) is possibly incorrect.  I say possibly  because  if you do receive a 1099-S then you do have to report / recognize the sale else NO.

Generally  you would have to report the sale --- your basis  ( purchase cost plus cost of any and all improvements over the years ), your sales proceeds  ( sales price  LESS sales expenses such as fixing up specifically for the sale/showing, commissions, title insurance, transfer taxes etc etc.),  date of acquisition and date of sale.  TurboTax will uses these details to work out if your gain is excludable and that is it.

Does that make sense  ( is it possible that Turbo Tax is asking for upgrade because of this , i.e. it knows  that you have 1099-S ? )?

pk

[dante74]

I've had the same results as frailing1946.  I've followed the previous suggestions and each time I unclick "None of the above apply"  (while in Foreign Account update; Misc Investment Income) then go BACK to check --  that statement remains checked!

  What is going on here?  This is a simple tax return and shouldn't be happening.  Or is the free filing just a come-on and this is a Turbo Tax rip-off?

[DoninGA]

@dante74 It would probably be easier to just clear your tax return and start over.  Then you should have no messages about foreign accounts unless you actually check Yes you had a foreign account.

If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return and start over with a lower priced edition. Click on Tax Tools on the left side of the program screen while working on the 2022 online tax return. Click on Clear & Start Over.