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How do I change the foreign accounts question on 1040 Schedule b box 7a from "yes" to "no"?

While using TurboTax Online, I answered "no" to the foreign accounts question, but box 7a on the federal 1040 schedule B is still set to "yes". Per other answers, I confirmed there was not a Form 8938 listed in the "delete a form" area.
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4 Replies
JulieS
Expert Alumni

How do I change the foreign accounts question on 1040 Schedule b box 7a from "yes" to "no"?

Yes, you can change your answer to that question. 

 

Here is how to find it:

  1. Select Federal on the left side menu.
  2. Select  Wages & Income.
  3. Scroll all the way to the bottom and click Continue. 
  4. Continue until you get to Tell Us About Any Foreign Bank Accounts. 
  5. You can change your answers here. 
     
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How do I change the foreign accounts question on 1040 Schedule b box 7a from "yes" to "no"?

After selecting "No" for all foreign accounts/trusts questions, the resulting 1040 Schedule B still says "yes" on line 7a.

1040 Schedule B Part 3.jpg

Note: Every time I return to the "Do you have any foreign financial assets?" question, it has defaulted back to "yes" even though I entered "no" previously. This seems like a bug in the system that is not saving the "no" answer to this question.

KrisD15
Expert Alumni

How do I change the foreign accounts question on 1040 Schedule b box 7a from "yes" to "no"?

To clarify, 

did you report any dividends? 

If yes, was there any foreign tax paid listed? 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

How do I change the foreign accounts question on 1040 Schedule b box 7a from "yes" to "no"?

Yes, I included a 1099-DIV. It appeared that the "Box 11 - FATCA Requirement" was selected in the website, but was not shown in the original 1099-DIV. After deselecting that item, Schedule B line 7a changed to "no".

 

Thanks for the help

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