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February 11, 2025
Question

On Misc investment income screen, it is auto checking the "foreign account" box everytime I go to the review step.

  • February 11, 2025
  • 1 reply
  • 0 views
How do I work around this bug so that Schedule B line 7a populates correctly? It should be "no" but it keeps changing back to "yes" during the review step.

    1 reply

    DaveF1006
    February 11, 2025

    To clarify, do you have a 1099 INT or 1099 DIV on a consolidated Brokerage statement.  If so, check to see if there is a foreign tax paid in Box 6 of the 1099 INT or Box 7 of the 1099 DIV.  If so, then there were foreign interest or dividends paid and you need this information to determine the amount of foreign credit to claim on your return. If this doesn't apply,  try this.

     

    1. Open or continue your return in TurboTax.
    2. In the Search box (upper right hand side) type schedule b foreign accounts and trusts.
    3. Click the Jump to link in the search results.
    4. Answer None of the above to Tell Us About Any Foreign Bank Accounts.
    5. Click Continue.
    6. Answer None of the above to Tell Us About Any Foreign Trusts.
    7. Click Continue.
    8. Answer No, I don’t have foreign financial assets to Foreign Financial Assets.
    9. Click Continue

    If this doesn't remove the entry, try this:

     

    In Turbo Tax Online:

     

    • Tax tools
    • Tools
    • Delete a Form
    • Look for Form 8938 and delete it and all of the worksheets associated with it

    In Turbo Tax Software

     

    • Go to the forms mode in your program
    • Look for form 8938 and all worksheets associated with.  
    • Delete the form and the worksheet
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