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February 28, 2021
Question

How can I make the 1099OID, Foreign Accounts line go away? I've made sure all 1099INT boxes I could find are unchecked and answered no to any foreign accounts or income.

  • February 28, 2021
  • 1 reply
  • 0 views
Must be some foreign asset box that got checked by accident but I can't locate it again. Hence program thinks I still have foreign assets.

1 reply

March 1, 2021

You can try to remove both Form 1099-OID and 8938 from the program.

 

If you are using the online version, here are the steps:

  1. Open your return, if it's not already open.
  2. In the upper right corner, click My Account > Tools.
  3. In the pop-up window, select Delete a form.
  4. Click Delete next to Form 1099-OID and 8938 and follow the instructions to remove the form/schedule.

 

Form 1099-OID is used to report original issue discount interest as part of income on your taxes. OID stands for "original issue discount". OID occurs when a bond is issued for a price less than its face value or principal amount.

 

If you live in the US and meet one of the following criteria, you would need to file a Form 8938.  

  • Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
  • Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

For more information, click here: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

 

If both of these forms do not apply to you, you do not report them.

March 19, 2022

I have the same problem. I am using the free version and have opened my return and do not see my account in the upper right. In the upper right have a bell, a magnifying glass, a question mark, and a person with a chat bubble and none of them lead to my account. When I am in Tax Home, my account is on the bottom of the page and it doesn't have a Tools option. 

I'm not sure how to proceed.