It depends. Here are a few possible reasons and solutions:
- 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 of foreign assets. Be sure you select no and then sign out of your return and sign back in again. See if this clears the error.
- 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 box is unchecked.
- 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. After deleting the form, sign out and back in again. See if this clears the error.
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