In form1040 Schedule B Part III "Foreign Accounts and Trusts" in the row 7a the system keeps checking that mark even when it was chosen false.Does anyone have this issue?

Forum|Forum|3 years ago
March 8, 2023
5 replies
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The system checks the row with 'Yes' even though in the process or with manual selection it is selected with 'No'. It prevents this report from being summitted as IRS may have questions on why this field was selected and other related subsequent fields are not filled out. It looks like a bug in the application.

TurboTax Premier Online

Best answer by ErnieS0

It is TurboTax Online.

Deleting usually clears this error. When you re-enter your interest and dividends, are you importing or typing the information yourself?

If you are importing, try typing the info yourself.

ErnieS0

Try deleting and re-entering your Schedule B info.

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.

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zelzerAuthor

@ErnieS0 thanks for your answer. I already tried doing that. The system removed all my INT and DIV records like you said and stopped generating the form. Once I entered them again, the system asked me about foreign assets and I answered "No". However in the end the system still generated the form with a "Yes" check against the row 7a.

ErnieS0

Please clarify. Are you using TurboTax Online or CD/Download?

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BJL94

I had typed the information into TurboTax and I didn’t realize that box 7a was checked YES until I had submitted and printed. 🙎 Boxes 7b and 8 are both NO. Why is this a problem with TurboTax software? I’m not happy!!!!

MrDave1

I have tried everything to have Schedule B 7a indicate NO. This must be a bug. Has anyone figured out how to correct for the 2023 submission? Thx

CatinaT1

Many things have been corrected in the latest updates to TurboTax. Are you still experiencing this problem? If you are still having an issue can you please give us more information and clarify your question.

Make sure you have ran all updates.

If using TurboTax Online: Clear your cache and cookies. See this FAQ, for your particular browser.

If using TurboTax Desktop: Please see this FAQ.

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booshebach1

Yes,

I have no foreign account. So I checked no on line 7a. It comes up in an error when I run smart check. It says 7a should be blank so I uncheck it. Run smart check again and says there is an error 7a is blank and gives option for yes or no. Click no and repeats again.....says error when run smart check says 7a should be blank..What is going on! I can't file because of some glitch in software. I can't seem to clear it it always comes back.

maggie890408

I have the same problem now. I'm using TurboTax online, and I only discovered this problem after I submitted it. While entering the information, I went back 3 or 4 times to confirm that I don't have a foreign account, but when I printed out my Tex return, 7a still showed "Yes." I'm panicking now and don't know what to do or how I can fix this problem.

AmyC

Employee

While that is considered one of the most important questions on the tax return, there is nothing in your case to be added or reported. Worldwide income should be reported. Foreign accounts are reported through the global banking system. You don't have foreign bank accounts nor do you foreign income to report on extra forms. The IRS will not receive any reports on you. When you file next year, mark no and you should not have any issues.

@maggie890408

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sandrakienle

I'm having this same problem. I did not catch it before I filed. The IRS flagged my return and is holding my refund until they review it. I went back and checked my return and found the error so I'm assuming that's the issue. I guess I'll see what happens.

Mkpk567

For anyone still having this problem do you all hold any mutual funds or ETFs that invest in foreign markets? I think that might be triggering TurboTax's system to constantly mark 7a as 'Yes' since the IRS does state that a 'Financial Account' can include: shares in a mutual fund or similar pooled fund (that is, a fund that is available to the general public with a regular net asset value determination and regular redemptions).

https://www.irs.gov/pub/irs-pdf/i1040sb.pdf

gardener8

I spent hours struggling with this and tried the suggestions in the forum with no luck. I finally connected with a live person at TT who gave me the solution: On the line that has a green square with a white check mark and "Line 7a should be blank" (above the screenshot of Schedule B, part III), click on the green square. It will go blank. This cleared it up.