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February 17, 2025
Question

For the question "do you have any foreign financial assets?". I clicked no but it goes to yes on its own. Am I doing something wrong?

  • February 17, 2025
  • 1 reply
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    1 reply

    February 17, 2025

    Not necessarily. If you have answered "no" to the question, 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.

     

    Then, double check one more time that you did not indicate that you 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:

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