You should go to: Other Tax Situations Scroll down to Other Tax Forms Select Miscellaneous Tax Forms Scroll and select Prepare a report on foreign financial assets Now go through the questions

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On the form 1040 schedule B. How I can change the 7a and 7b to YES?

Forum|Forum|6 years ago
March 15, 2020
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TurboTax Deluxe Online

Best answer by JohnB5677

You should go to:

Other Tax Situations
Scroll down to Other Tax Forms
Select Miscellaneous Tax Forms
Scroll and select Prepare a report on foreign financial assets
Now go through the questions

JohnB5677Answer

You should go to:

Other Tax Situations
Scroll down to Other Tax Forms
Select Miscellaneous Tax Forms
Scroll and select Prepare a report on foreign financial assets
Now go through the questions

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

F

forumleech

@JohnB5677

TurboTax Online did not select 'Yes' on 1040 Schedule B Part III 7a after I answered the foreign bank account questions in Prepare a report on foreign financial assets. Likewise, 'Yes' was not selected after I answered questions in Wages and Income -> 1099-OID, Foreign Accounts.

As background, I earned $4k of interest from a foreign bank account with a balance over $10k but the balance was under the thresholds for Form 8938. I reported the foreign interest income in 1040 Schedule B as I do for domestic banks.

As I understand it, I am required to select 'Yes' on Schedule B, Part III, 7a regarding having a foreign bank account. But I don't see a way to make TurboTax Online to do this in my situation.

JohnB5677

The program asks every single person if they have a foreign bank account. That is one of the 2 most important questions in the eyes of the IRS. If you have denoted financial assets, you are done.

If you need to correct your answer or have not seen it:

go to Federal
go to Other Tax Situations
the questions may pop for you there
If not, go to Other Tax Forms
Select Show More
Select Prepare a report on foreign financial assets

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S

sing1

I need to change schedule b part III from no to yes. I follow your steps. It still does not change that information on my tax form.

DaveF1006

The best place to get to this section is to go:

to tax tools
tools
topic search
select foreign accounts and trusts, questions on Schedule B
The first question will ask Tell Us About Any Foreign Bank Accounts
If you need to uncheck an answer uncheck it. if it needs to be checked, check the right response and then fill in the remainder of the information it asks for.

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