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

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?

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2 Replies
DaveF1006
Employee Tax Expert

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

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

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. 

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