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February 16, 2025
Question

why does the system say in have a foreign account when I dont

  • February 16, 2025
  • 1 reply
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    1 reply

    February 17, 2025

    TurboTax might mistakenly indicate you have a foreign account due to:

    1. Imported Investment Data: If you imported forms like 1099 from institutions such as Charles Schwab or Fidelity, TurboTax might flag a foreign investment.
    2. Foreign Investments: Investing in foreign stocks, ETFs, or mutual funds can trigger this.
    3. Accidental Selection: You might have accidentally checked "Yes" when asked about foreign accounts.

    How to Fix It:

    1. Check Imported Data: Review your imported investment data to ensure there are no foreign dividends or tax withholdings incorrectly flagged. This can be seen under the Income Tab.
    2. Review Foreign Account Section:
      1. Log into TurboTax - Be sure you are logged in for link to work:
      2. Click on "Foreign Accounts" and ensure you select "No."
    3. Delete Form 8938:
      1. If TurboTax generated Form 8938 (Statement of Specified Foreign Financial Assets), you can delete it:
        1. Go to "Tax Tools" on the left side of the screen.
        2. Select "Tools."
        3. Click on "Delete a form."
        4. Find and delete Form 8938 if it is listed

    For additional information, you can check out this TurboTax help article (delete and report are the same links).