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vrk
Level 2

Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

I had foreign bank accounts with over $10,000 during 2018, but not over 100,000/150,000 (filing jointly). I answer all the questions accordingly when going through the guide of Form 1099-OID. I did fill interest fro, those foreign accounts in Form-1040
But when I review documents before filing I see 7a has NO and NO which does not seem correct. I did have to file FinCEN and I did have foreign accounts. Just not over the threshold.
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5 Replies

Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

That question should be asked again after you have completed the entire income section of the program (see screenshot). 

 

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vrk
Level 2

Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

This question I am getting when accessing from 1099-OID, Foreign Accounts.

Let's go step-by-step.

 

TT first asks this when I go to1099-OID.

clipboard_image_0.png

 

Then this

clipboard_image_1.png

 

And then this

clipboard_image_0.png

Suggests this. I pick a country and click next

clipboard_image_1.png

 

No trusts

clipboard_image_2.png

 

Then this is my answer

clipboard_image_3.png

And I get this and answer NO

clipboard_image_4.png

Then it asks me to delete something weird (could be a short name for the country I picked). If I confirm the deletion.

 

clipboard_image_5.png

After this my final 1040 looks like this, which seems wrong:

clipboard_image_6.png

 

If I choose not to delete what TT is offering, I get an error before filing. And it suggests deleting that weird entry again.

 

I am frustrated. Please advise.

Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts


@vrk wrote:

I am frustrated. Please advise.


I understand, but I have to state that I ran through the exact steps in your series of screenshots and both boxes on Schedule B were checked "Yes". Therefore, I recommend contact Customer Support (link below) during regular business hours.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

vrk
Level 2

Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

Support did help. We ended up deleting all Schedule B forms, re-entered interest and did the OID form again.

Problem with getting "YES" in Form 1040, Shedule B, Foreign Accounts and Trusts

I spent hours ripping my hair out over this. Turns out a form that was downloaded from a bank had the FATCA filing requirement box checked when it actually wasn't. Removing that fixed things for me.

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