Schedule B, lines 7a and 7b relate to financial accounts located in a foreign country, that may need to be filed on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). It is possible that at some point of time you answered the questions that relate to foreign financial assets, but then updated one of the responses and left some other information in there that is causing the disconnect.
i would recommend first typing "foreign financial assets" in the search bar, and then click on "jump to foreign financial assets". Review this section in its entirety to ensure everything is answered correctly. NOTE: you may need to at first answer the original question of do you have foreign financial accounts as yes, so that TurboTax will take you through the entire section and you can delete any information that may have incorrectly been entered. Once you verify that there are no other entries, go back to the section and answer the first question as no, so that the entire section now has no data added to it. See if this clears the error.
If that does not clear the error, you will want to delete Schedule B and then reenter your interest and dividend income. If you imported your info, that may be causing the error check of somehow incorrectly checking 7a or 7b of Schedule B.
To delete the Schedule B and change the foreign bank account question:
- Click Tax Tools in the left column,
- Click Tools,
- Select Delete a Form in the center,
- Find and delete Schedule B.
Deleting Schedule B will delete any interest (1099-INT) and dividends (1099-DIV) on your return. If you received interest and dividends, put those amounts back in before filing. The foreign bank question will come up again. Be sure to say No this time.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
