Question

How do I remove the "foreign acounts" section from my income? I answered "no" to the foreign accounts section and it wont let me file despite answering no.

Forum|Forum|5 years ago
April 8, 2021
1 reply
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I do not hold any foreign accounts. When filling in the income section, Turbotax asks if you hold any foreigh accounts

TurboTax Free Edition Online

L

linaj20201

You will need to remove a Form 8938 from the program. Here are the steps:

In TurboTax online,

Sign into your account, select Pick up where you left off
From the left menu, select Tax Tools, click on the drop down arrow
Select Tools
Under Other helpful links, choose Delete a form
Select Delete next to the Form 8938 and Continue with My Return

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.

If it does not apply to you, you do not need to file.

S

sava256095Author

What ended up being the problem was my 1099 INT. I hold a Goldman Sachs Marcus savings account & when I uploaded a PDF of the 1099 INT, TurboTax recognized this as a foreign account which it is not. I removed the 1099 INT PDF & instead entered the details of the 1099 INT manually. Once I added the information manually, the 1099 OID was removed from my "income" section & resolved the issue. For those of you with a Goldman Sachs Marcus account, save yourself the trouble and enter the details manually!