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cptt21
Returning Member

Foreign assets in US account

I own shares in a Vanguard ( a US company) international  ETF that holds International/foreign stocks. On my NY state return it has box D1 checked "Did you have a financial account located in a foreign country" to YES. That is not correct. How can I change that to a NO? Thanks.

4 Replies
LinaJ2020
Expert Alumni

Foreign assets in US account

If you have not filed, you would need to return to the state section to make the correction. 

 

In TurboTax online,

  • After sign into your account, select Pick up where you left off
  • In the left, select State
  • Next screen, select New York and Edit ( Make sure you select New York as your state and mailing address under My Info if you are filing as a New York resident)
  • Follow prompts
  • Look for any "Learn More" link if there is any for verification on the screen where you will make corrections.  

At the federal level, if you possess a foreign bank account, you might need to report a Form 8938 or FBAR if meet certain threshold.  A Form 8938 is used when you have specified foreign financial assets and the total value of all the foreign assets in which you have an interest is more than $50K.  For details, click here: https://www.irs.gov/instructions/i8938  

 

Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.  With more than $10K in total aggregate value financial accounts, taxpayer is required to file FinCen Form 114.  You will file separately from your Form 1040.To see the requirements and how to file, click here:  8938 vs FinCen    

 

For states, they can be different than the IRS rules.  To verify if there is a tax consequences, I will suggest you to contact your state.  states

 

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cptt21
Returning Member

Foreign assets in US account

I have TurboTax desktop premier not online. How can I change D1 on NY state return from YES to NO? I do not have foreign bank accounts just international stocks with a US company. 

 

In general, is there a way to override the entires in the desktop version of TurboTax Premier?

JordanGold
New Member

Foreign assets in US account

Were you able to resolve this? I have this issue as well and I cannot seem to find any field in TurboTax that allows me to change this from No to Yes.

ErnieS0
Expert Alumni

Foreign assets in US account

TurboTax links the Federal and New York state answers about having a foreign financial account. The way to change New York is the change federal.

 

@JordanGold you don’t say whether you are using TurboTax Online or CD/Download.

 

In TurboTax Online, the foreign bank account question only comes up once.

To change the foreign bank account question in TurboTax Online:

  1. Click Tax Tools in the left column,
  2. Click Tools,
  3. Select Delete a Form in the center,
  4. Find and delete Schedule B
  5. Reenter any interest and/or dividends

Once you are back to Income & Expenses, click Wrap up income in the bottom right corner. You may see a few marketing screens, then you'll see the foreign bank question. Answer NO.

 

In CD/Download

  1. Select Forms mode in the upper right
  2. In the left column (Forms in My Return) select Schedule B
  3. Go to Part III, question 7a and change the answer to NO. This will change the answer on D1 on the NY return to NO.
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