FOREIGN ACCOUNTS QUESTION ON FEDERAL TAX RETURN

[MGloeckler]

Hi, I don't know if there is a glitch in the system or what but my foreign accounts question has a check mark in the yes block, however I don't have any foreign accounts and I don't recall checking the yes block. Will this delay my refund?  Do I need to let the IRS know that I do not have any foreign accounts? Do you think this might be the reason why IRS is holding our refund?  PLease advise  maria gloeckler

[KristinaK]

No, checking the box that states that you have foreign financial assets on Schedule B (I assume that's where you are seeing it) would not delay your tax refund. 

Have you checked Where's my refund website? Sometimes the IRS needs additional verification. Check the status of your refund there and follow any suggested steps. 

For state refund, use this Help Article.

Going back to foreign accounts. If the box that asks whether you are required to file FinCEN Form 114 is marked as yes (see screenshot), I would suggest taking a conservative stance and filing an amendment tax return unchecking any unrelated boxes. The penalties for not filing required foreign account forms are very steep.

[MGloeckler]

I checked my where is my refund and it says nothing except that it is still being processed and that it is delayed longer than normal. I was informed that I cannot do an amended tax return until i get another IRS notice with instructions.  Its been 30 days since i got the letter However, I just went over my taxes again and noticed that I left 6A blank. I forgot to put my husbands social security benefits there. I forgot. It's our first time filing taxes with social security income.  Could that be why it's delayed?   thanks maria [PII removed]

[JotikaT2]

Possibly.  The missing Social Security number could be a part of the reason for the delay.

I suggest reviewing the latest letter you received.  Many times, the taxing agency will provide a timeline for when you would expect to hear back from them as well as contact information you can use to ask about the status of the notice.  This link provides more details on the types of letters or notices issued by the IRS.