It keeps rechecking YES to foreign financial assets. I do not have foreign financial assets or accounts

[marshmallowguy]

How do I get TT to understand that I do not have foreign financial assets and will not upgrade. I have checked NO, but it rechecks YES every time.

I've looked at my info, I can't see where it thinks I have foreign accounts. I have 1099-INT for two US based accounts, no 1099-DIV, and I don't see any obvious forms to delete related to foreign accounts in my forms. Why is it insistent that I have foreign assets and how do I correct it?

[DaveF1006]

There are several things to take in consideration here but here are some remedies to try to remove this annoying error message. 

First check to see if you have a 1099 INT or 1099 DIV.  If there is a foreign tax paid amount reported in Box 6 of a 1099 INT or Box 7 in your 1099 DIV, then you may have a foreign account that you are not aware of. There are follow-up questions in those forms that you need to complete. If this isn't the issue, then perform the following steps to remove this error message so you can file your return.

To remove this from your return: 

1. Federal or Federal Taxes if working in the desktop version
2. Income or Wages and Salaries if working in the Desktop Version
3. Other Tax Situations
4. Prepare a Report on Foreign Assets
5. Answer None of the above to Tell Us About Any Foreign Bank Accounts.
6. Click Continue.
7. Answer None of the above to Tell Us About Any Foreign Trusts.
8. Click Continue.
9. Answer No, I don’t have foreign financial assets to Foreign Financial Assets.
10. Click Continue

If this doesn't remove the entry, try this: 

In Turbo Tax Online: 

• Tax tools
• Tools
• Delete a Form
• Look for Form 8938 and delete it and all of the worksheets associated with it

In Turbo Tax Software 

• Go to the forms mode in your program
• Look for form 8938 and all worksheets associated with.  
• Delete the form and the worksheets

[marshmallowguy]

Alright so I think I've fixed it. One of my 1099-INT forms I uploaded from my computer. Although there was no info in the "additional boxes" the section refused to let me uncheck this box. It showed the values in all boxes as $0.0, but unchecking the box did nothing and would revert to checked/$0.0 in all boxes when I continued. 

I deleted this INT and entered it manually. It saved with an unchecked "additional boxes" section and now I'm not getting the Foreign Assets continually checked problem. Go figure. 

[pinkmarshmallow]

I have been experiencing the same issue. I do not have foreign accounts and tell TurboTax repeatedly I do not have foreign accounts yet Part III Foreign Accounts and Trusts 7a remains checked yes. The patch of deleting Form 8938 is not an available option. I've deleted and re-entered my 1099-DIV's so many times and whether I include a 1099-INT or 1099-DIV or nothing at all, TurboTax continues to include Schedule B with box 7a checked yes, 7b checked no and 8 checked no.

TurboTax automatically rechecks the box indicating [Owned or signed on a foreign bank, broker, or other financial account. We've already selected the second option for you because the FATCA box has been selected on one (or more) of your Forms 1099.]

The FACTA box is not checked on any of my forms. I have triple checked every 1099 and none of them have box 11 checked, and again this is the result whether I include or exclude any investment and/or savings information.

How soon will this bug loop be fixed?

[DaveF1006]

Since this is a persistent error after deleting and adding your 1099 DIV's, you may have 8938 forms still in your program. If this is the case, delete the forms.

In Turbo Tax Online: 

• Tax tools
• Tools
• Delete a Form
• Look for Form 8938 and delete it and all of the worksheets associated with it

In Turbo Tax Software 

• Go to the forms mode in your program
• Look for form 8938 and all worksheets associated with it.  
• Delete the form and the worksheets

[pinkmarshmallow]

Thanks for the response, but this is not an option. Form 8938 is not visible for deleting when going to Tools > Delete Forms.

[DaveF1006]

If this is appearing, there are two options you can use.

Often, the "Yes" isn't living in your 1099-DIV or Form 8938; it is physically written into the Schedule B worksheet itself.

1. Go to Tax Tools > Tools > Delete a Form. 
2. Find Schedule B and delete it entirely.

This will delete your interest and dividend data. You will have to re-enter them, but do it manually (type it in) rather than importing. During the manual entry, ensure the "FATCA" checkbox (usually Box 11 on a DIV or listed on the bottom on a 1099 INT entry) is unchecked.

Sometimes the "Yes" is stuck because of a "Foreign Assets" question that lives in the Other Tax Situations tab. 

1. Go to Federal>Other Tax Situations 
2. Scroll down to the Other Tax Forms section.
3. Click Show More to expand the list.
4. Look for "Prepare a report on foreign financial assets" and click Start/Revisit.
5. Even if you don't have assets, go through this interview. When it asks "Do you have any foreign financial assets?" answer No.
6. Log out and back in again to save the change.