Question

2024 Form 1040 Schedule B Line 7a — I did not have any interest in a foreign financial account - why can’t I change the answer from “yes” to “no”? I was never asked this

Forum|Forum|1 year ago
March 23, 2025
1 reply
0 views

The step by step guide did not ask me this question. I can’t find how to change it in the guided questionnaire. In past years, I was able to directly change it on the final forms - I can’t do that this year. I can’t file it without correcting it, but I can’t get help from Turbo tax staff without paying a premium - it seems that the clutch is their error, not mine.

RachelW33

To get to the foreign financial assets questions, please follow these steps in TurboTax Online:

Sign in to TurboTax and choose continue or Pick up where you left off
From the left sidebar, choose Other Tax Situations
Select Other Tax Forms
Select Start/Revisit next to Prepare a report on foreign financial assets
Select Yes/No for each question and click Continue

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

J

jose-r-villanueva2Author

Hello,

Thanks for responding. I did exactly what you suggested. However, once I hit continue and then come back to check that “no” is still the answer, I see that the answer is changed to “yes”. I did this several times. It always reverts to “yes” even when I choose “no”. I don’t have any foreign financial accounts.

I did notice that the IRS form (schedule B) has a notice right after line 6 that says I must answer part III (which includes line 7a) if my answer on line 6 is greater than $1500 — which is true for me. I wonder if this is tripping up the program.

Please, let me know how else I can solve the problem. If I can’t do it online, I will have to get paper form from the post office and mail in a hand-written paper return which corrects the answer.

Thanks again for your help.

Jose Villanueva

M

mglauner

Try deleting Schedule B and re-entering your interest and dividends. If you imported your info, that may be causing the error.

To change the foreign bank account question:

Click Tax Tools in the left column,
Click Tools,
Select Delete a Form in the center,
Find and delete Schedule B.

Deleting Schedule B will delete any interest (1099-INT) and dividends (1099-DIV) on your return. If you received interest and dividends, put those amounts back in manually before filing. The foreign bank question will come up again. Be sure to say No this time.

If you're using TurboTax Online, clear your Cache and Cookies first. Sometimes data can get 'stuck'.

@jose-r-villanueva2