Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 6:09:34 PM

What is FATCA question on my 1099 misc tax form?

0 4 31253
1 Best answer
New Member
Jun 4, 2019 6:09:35 PM

The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons.

The checkbox doesn't impact your personal tax return.  Don't check the FATCA box in TurboTax unless it appears and is checked on the actual 1099-MISC you received. 

The FATCA box is a requirement for when banks issue 1099-INT forms. The checkbox isn't something that produces a result with the input of interest income. If the FATCA filing requirement box is checked, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement. If you don't have a 1099-INT in reality, it's not really relevant.

Turbo Tax includes your ability to check it, just because some people have it checked on their actual forms. It doesn't actually produce a result in Turbo Tax. So, it really doesn't matter if you check this box. 

4 Replies
New Member
Jun 4, 2019 6:09:35 PM

The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons.

The checkbox doesn't impact your personal tax return.  Don't check the FATCA box in TurboTax unless it appears and is checked on the actual 1099-MISC you received. 

The FATCA box is a requirement for when banks issue 1099-INT forms. The checkbox isn't something that produces a result with the input of interest income. If the FATCA filing requirement box is checked, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement. If you don't have a 1099-INT in reality, it's not really relevant.

Turbo Tax includes your ability to check it, just because some people have it checked on their actual forms. It doesn't actually produce a result in Turbo Tax. So, it really doesn't matter if you check this box. 

New Member
Feb 18, 2020 6:01:00 PM

"The FATCA box is a requirement for when banks issue 1099-INT forms"

 

Its not on my 1099-INT from TD Ameritrade

New Member
Mar 24, 2020 1:51:39 PM

Do I still have to file the 1099 if the box is not checked on the 1099 from the radio station?  

Expert Alumni
Mar 24, 2020 3:43:26 PM

Yes, If you have a 1099-INT you will have to report it regardless of having the FATCA box checked or not.