Turbo Tax keeps saying "You have a financial account in a foreign country." I do not. I keep changing it, but it keeps defaulting to this. Turbo Tax Please Fix this.

In order to correct this, indicate on your tax return that you did not have a foreign bank account, by not checking the box for "Owned or signed on a foreign bank, broker, or other financial account."

 

Here’s how to do this in TurboTax Online:

1. Go to Miscellaneous investment income.
2. Answer the questions on the "Miscellaneous Investment Income" screen.

 

If that looks correct, there may be an error in one of your entries from your bank (1099-INT, 1099-DIV, etc). Revisit all your entries and be sure the box "FATCA filing requirement box is checked." is not checked, if it is not checked on your forms. You may have to select "My form has info in other boxes (this is uncommon)" first to expand.

 

If that still doesn't work, and you imported any of your 1099s, try deleting them and re-entering manually to be sure there is no hidden information "stuck" in the background.

 

 

 

Thank you for your help! I tried all of this expect for re-entering everything by hand! This is my first year trying Turbo Tax. I don't know if I will try to re-enter everything manually...it might be time to switch to another platform. This has not been a very good first time experience. I do appreciate you trying to help me and responding to so quickly.

 

 

One more thing to try before abandoning the work you have already done.  As you finish up the Income section of your return and move forward to the Deductions section, there are a few questions that come up every time.  This includes asking about whether you have an interest in a foreign account or trust.  Double-check that you did not mistakenly say 'yes' to this question.

 

To revisit it, go to the Income section of your return and click Continue at the bottom of the screen to move forward to the Deductions section.  This will bring up the question about having a foreign account.

 

@Anonymous 

Been doing it over and over. Been using TurboTax for years, and actually thought things seemed to have been a little easier in some ways until I hit this terrible “foreign accounts” snag, which has been taken up WAY too many hours, through chats, clearing and starting over, etc., and nothing has fixed it yet. It’s time for me to change to a different service. This has been very upsetting when I have so many other things I needed to do tonight. Very disappointing.

I am having the same issue... were you able to resolve? I've had not luck.

After multiple attempts, it was late and I gave up that night. But the next night was fine… like it never happened. I really scrutinized every little click though, and figured out I had to forget about the free version, and make sure I clicked the $71 one… not the Max, not the more Deluxe one or whatever they called it, so that’s something I did different. It worked like a charm. Good luck to you! 

Same for me! Cannot get it removed - so frustrating! 

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