Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 7, 2024 12:33:26 AM

I mistakenly clicked on having a foreign account and submitted by tax form for payment on April 15, 2023. It doesn't change the outcome of my return (I owe money).

0 1 672
1 Replies
Expert Alumni
Apr 14, 2024 8:46:00 AM

If you don't have any foreign accounts, and therefore don't need to file a Report of Foreign Bank and Financial Accounts (FBAR), then checking the box accidentally doesn't affect your return. It is possible that the IRS may contact you for further information, in which case you can explain that it was an error.

 

You can contact the IRS to explain the error.

 

Since 1970, the Bank Secrecy Act requires U.S. persons to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have:

  1. Financial interest in, signature authority or other authority over one or more accounts, such as bank accounts, brokerage accounts and mutual funds, in a foreign country, and
  2. The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

A U.S. person is a citizen or resident of the United States or any domestic legal entity such as a partnership, corporation, limited liability company, estate or trust.

 

See this IRS article for more information.

 

 [Edited 04/14/24| 8:51am PST] 

 

@jodee1995