Sch B Foreign Accounts

[KBTS]

I made a mistake and checked the "Yes" box on Part III number 7a of Schedule B, indicating a foreign account. Taxpayer has no foreign accounts, but the return has already been filed. Any suggestions on how to correct?

[taxxcpa]

Foreign accounts

I made a mistake and checked the "Yes" box on Part III number 7a of Schedule B, indicating a foreign account. Taxpayer has no foreign accounts, but the return has already been filed. Any suggestions on how to correct?

Even if he had some foreign accounts, he might not have had income from them, so I don't see any reason to correct it unless the IRS raises a question.

[JohnH]

I don't think it needs to be corrected. The reason for the checkbox is to remind the taxpayer that they may need to file the FBAR form. But if they have less than $10K in foreign accounts, they would still check the box on the Schedule B but do nothing else. So there's no harm/no foul by accidentally checking the box that I'm aware of.

[JG EA]

I don't think it needs to be corrected. The reason for the checkbox is to remind the taxpayer that they may need to file the FBAR form. But if they have less than $10K in foreign accounts, they would still check the box on the Schedule B but do nothing else. So there's no harm/no foul by accidentally checking the box that I'm aware of.

Actually you ony check yes if you have over $10,000.
Instructions for checking No - Schedule B

The combined value of the accounts was $10,000
or less during the whole year....

[KBTS]

So, should I do something to correct this or will it be OK as is?

[JohnH]

Actually you ony check yes if you have over $10,000.
Instructions for checking No - Schedule B

Thanks for correcting me on that, JG.
I did not know - guess I need to read the instructions every now & again...