I am trying to file my taxes, but it is saying I cannot file them because I have a foreign financial account. I do not have one, so there is nothing to correct?

Forum|Forum|1 year ago
January 30, 2025
1 reply
0 views

I added a financial account that is located in California, both of my W2's are in state, and there is nothing else I have noted, not sure why this is being listed?

AmyC

Employee

Two possibilities:

You have dividends, from a 1099-DIV, with foreign tax withheld. The program needs to know about them or
You indicated that you have authority over a foreign financial account.

To correct these:

1. Review your dividends and look for any foreign dividends on your forms, in the program. You may need to file Form 1116 for your foreign dividends and interest. It may just be $1 with your broker that you didn't notice.

2. When you finish your income review, select Done with Income. The program will ask if you have foreign bank accounts, disaster, digital assets, etc. Be sure you marked No for foreign bank accounts.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

jrsimkoAuthor

I am certain that my dividends do not include any foreign dividends. Additionally, when I select Done with income, it asks if the total value of my foreign accounts are over $10,000, indicating they assume I have a foreign account, but it does not prompt me with a question on if I have a foreign account or not.

DaveF1006

It depends. You may have mistakenly indicated you had a foreign account or the 1099 DIV reported a foreign tax paid in Box 7. In the meantime, answer this question 'no" just so you may move on with your return.

@jrsimko

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"