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posted Apr 14, 2025 10:50:00 AM

I do not have a a financial account in a foreign country. Why does TurboTax say that I do?

I have check the schedule K section and is indeed blank.

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1 Replies
Expert Alumni
Apr 14, 2025 2:45:03 PM

It depends.  There may be several reasons why TurboTax is giving you this error.

 

  1. Incorrect Selection: TurboTax asks about foreign accounts during the deductions section. Double-check that you didn’t accidentally select "Yes" to having a foreign account. Go to other tax situations>miscellaneous tax forms>prepare a report on foreign assets. Select no to the first question.  Sign out and log back into your return  
  2. Imported Forms Issue: If you imported a 1099-INT or 1099-DIV, TurboTax may have incorrectly marked the FATCA filing requirement box. Try revisiting your entries and ensuring that all boxes are unchecked. 
  3. Form 8938 Error: TurboTax may have automatically generated Form 8938 (Statement of Specified Foreign Financial Assets). You can delete this form under Tax Tools > Tools > Delete a Form. if you delete this form, sign out of your return and log back in.