Mistake made in Sch B Part III Foreign Accounts and Trust

Forum|Forum|2 years ago
February 21, 2024
1 reply
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I made a mistake Sch B Part III Foreign Accounts and Trust. I have less than $10K in my foreign bank account but said I had more. Now there is a check in schedule B saying I need to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). I have filed without seeing this error. Now I am concerned I have triggered some review by the Treasury Department. Does anyone know if I should a) re-file with correction, b) file FBAR with <$10K, c) ignore the issue?

Best answer by DaveF1006

Yes, you should have this return amended because the information may trigger an alert that you have a FBAR or FATCA filing requirement. Here is how to amend.

To amend your return using Turbo Tax Online.

Log into Turbo Tax
Select Scroll down Your tax returns & documents in your landing page.
Select Amend (change) 2023 return.

To amend using the Desktop Software, go to:

Federal Taxes
Other Tax Situations>other tax forms
Amend a return

Now you are in your return and you can check the areas I have already mentioned above. If you used the Desktop version, you can go to the Forms mode and go to Schedule B. Here you can change the answer to no in Line 7A asking you if you are required to File FinCEN Report 114.

if you are in the online version, there will be a screen that will appear asking you if the value of your accounts exceeded $10,000 during the year. Here you will check no. Here is what the screen should look like.

DaveF1006Answer

Yes, you should have this return amended because the information may trigger an alert that you have a FBAR or FATCA filing requirement. Here is how to amend.

To amend your return using Turbo Tax Online.