Turbo Tax keeps saying "You have a financial account in a foreign country." I do not. I keep changing it, but it keeps defaulting to this. Turbo Tax Please Fix this.

Forum|Forum|1 year ago
February 27, 2025
1 reply
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Has anyone experienced this issue and found a work around?

MindyB

In order to correct this, indicate on your tax return that you did not have a foreign bank account, by not checking the box for "Owned or signed on a foreign bank, broker, or other financial account."

Here’s how to do this in TurboTax Online:

Go to Miscellaneous investment income.
Answer the questions on the "Miscellaneous Investment Income" screen.

If that looks correct, there may be an error in one of your entries from your bank (1099-INT, 1099-DIV, etc). Revisit all your entries and be sure the box "FATCA filing requirement box is checked." is not checked, if it is not checked on your forms. You may have to select "My form has info in other boxes (this is uncommon)" first to expand.

If that still doesn't work, and you imported any of your 1099s, try deleting them and re-entering manually to be sure there is no hidden information "stuck" in the background.

Anonymous

Thank you for your help! I tried all of this expect for re-entering everything by hand! This is my first year trying Turbo Tax. I don't know if I will try to re-enter everything manually...it might be time to switch to another platform. This has not been a very good first time experience. I do appreciate you trying to help me and responding to so quickly.

AnnetteB6

One more thing to try before abandoning the work you have already done. As you finish up the Income section of your return and move forward to the Deductions section, there are a few questions that come up every time. This includes asking about whether you have an interest in a foreign account or trust. Double-check that you did not mistakenly say 'yes' to this question.

To revisit it, go to the Income section of your return and click Continue at the bottom of the screen to move forward to the Deductions section. This will bring up the question about having a foreign account.

@5729559

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