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System Error - I'm unable to edit foreign account field. I do not have foreign accounts, however, it won't allow me to change this field.

Miscellaneous investment income
This may include income from discounted loans or from foreign banks and trusts.
Check any that apply. (These are not common.)

Form 1099-OID for original issue discount income. Learn more
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.
Received a distribution from a foreign trust
Were the grantor of or transferor to a foreign trust
None of the above
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1 Reply
DaveF1006
Expert Alumni

System Error - I'm unable to edit foreign account field. I do not have foreign accounts, however, it won't allow me to change this field.

It sounds like you received 1099 OID form and is there an amount listed in Box 1 or in any of the other boxes and the FATCA box is checked? If so, here is how to report.

 

  1. In the first step, select Form 1099-OID for original issue discount income in the Miscellaneous Investment Income section.
  2. Then navigate through the screens until the 1099 OID form is reported. 
  3. After it is reported and the form appears in a summary screen, select done. 
  4. Then a screen will appear asking if you have Foreign Financial Assets or live in a foreign country, say no to both questions. That should get rid of the 8938 and the Foreign account.

 What's important though is, if it asks you if you have foreign financial assets to report or live in a foreign country, say no to all questions pertaining to this. If you do, there will be no more questions or concerns regarding foreign accounts.

 

 

 

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