Difference between Foreign account questions that Turbotax asks?

[shubham-123]

What is the difference between following 2 questions that Turbotax asks?

We do have bank accounts and Fixed Deposits accounts in India. So, I think answer to first question would be "Yes" but for question 2, I don't understand what do we mean by "own or control"?

Please help explain the difference between 2 questions.

[MarilynG1]

TurboTax is trying to determine whether you need to file Form 8938, Statement of Specified Foreign Financial Assets, or FinCEN Form 114 (or both).

Click this link for a  Comparison of Form 8938 and FBAR Requirements.

[shubham-123]

Thanks. 

But what is the difference between 2 questions that are asked?

[SusanY1]

The first question is primarily concerned with your personal, individual accounts.  The second question (referring to own or control) is generally meant for individuals who may have ownership interest or control in corporate bank accounts.  For example, if you are a director of a foreign company and you are listed as someone who can sign or make other transactions, but your name may not be on the title of the account, that would be an account that you "control", which is required to be reported.  

 

[shubham-123]

Thanks

I think for me, answer to 2nd question is NO. I already answered it as YES but not file my taxes. How can I change the answer to NO. I don't see any way to see the questions again in Turbotax? 

[DianeW777]

The questions appear immediately after the income section of your tax return.  Select Wages & Income then scroll to the bottom of the page to select 'Continue', keep going until you see the question again. Here you can change your answer about a foreign bank or trust.

• Did either of you own or control a foreign bank account, trust or financial asset in 2023?

@shubham-123 

[shubham-123]

Inside 'Wages & Income', I don't see Continue. I think that is because I have already added all my wages & investments. 

To update the answer to that question, do I need to remove all the data I added under Wages & Income and then start this section fresh?

[PatriciaV]

No, you should be able to change your answer to the foreign activities questions without changing any of your other entries.

In TurboTax Online, open your return and continue until you see a full menu on the left.

1. Click on Wages & Income.
2. Scroll all the way to the bottom and click Continue.
3. Skip through the marketing screens until you see "Did you own or control a foreign bank account...?"
4. Review or change your answer and continue.
5. From here you can keep going into Deductions & Credits or choose another topic from the left menu.

In TurboTax for Desktop, open your return and click on Federal Taxes >> Wages & Income.

1. Continue and click on "I'll choose what I work on."
2. At the bottom of the Wages & Income page, click on "Done with Income."
3. The next screen should ask you about a foreign bank account.

[shubham-123]

This is the screen I see on Wages and Income

 There is no "Continue" button but "Done with Income". After clicking "Done with Income" and Few "Continue" button after that, it does ask few questions about foreign assets and all but doesn't the 2 specific questions that were asked earlier. So, I am not sure how can I change the answers to those questions?

[DaveF1006]

While being in the program, clear your cache and cookies. Then log out and back into your program and see if this horrid display disappears. 

Let us know if this works. 

@shubham-123