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Level 1
posted Feb 10, 2023 1:36:22 PM

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.

0 4 1491
4 Replies
Expert Alumni
Feb 10, 2023 2:26:19 PM

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. 
     

Level 1
Feb 10, 2023 3:50:35 PM

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

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.

Expert Alumni
Feb 10, 2023 4:02:03 PM

To clarify, 

did you report any dividends? 

If yes, was there any foreign tax paid listed? 

Level 1
Feb 10, 2023 6:15:40 PM

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