I have a 1099-Misc with the FATCA box checked. When I input this into TurboTax, it automatically assumes I have foreign accounts & checks Yes on Sched B. How do I fix?

[NYer1234]

I have no foreign accounts, so not sure why TurboTax is defaulting to assume I do.

[PatriciaR · Accepted solution]

FATCA stands for Foreign Account Tax Compliance Act.  Here is the IRS explanation:

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments.  The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.

You will need to contact the issuer of the 1099-MISC to have them correct.

[PatriciaR]

FATCA stands for Foreign Account Tax Compliance Act.  Here is the IRS explanation:

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments.  The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.

You will need to contact the issuer of the 1099-MISC to have them correct.