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Turbo Tax is saying that I have an foreign financial account. However, I do not. I selected no to all of those questions. I do not want to upgrade.

There is one question that keeps selecting yes even though I select no.
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1 Reply
AmyC
Expert Alumni

Turbo Tax is saying that I have an foreign financial account. However, I do not. I selected no to all of those questions. I do not want to upgrade.

Are you being asked about foreign tax credit from your 1099-DIV? You can look at box 7 and see if you paid foreign taxes. If so, you may need to file for a credit for tax paid to a foreign country. If it was through your brokerage, Regulated Investment Company, RIC, is the choice. See Where do I enter the foreign tax credit (Form 1116) or deduction? 

 

The form is only needed if your foreign tax is over $300 / $600MFJ. If your tax is over that, the program may want you to upgrade. If the upgrade fee isn't worth the credit, you can reduce your box 7 foreign tax paid.

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