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Do I need to check the FATCA box?
Do I need to check the FATCA box?

This checkbox left of the center line on your 1099 is the subject of many questions each year. More than likely, you’ll leave it blank.

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Written by Adams Tax Forms
Updated over a week ago

The FATCA checkbox on your 1099 form pertains to the Foreign Account Tax Compliance Act, or FATCA.

What is FATCA?

FATCA is a law requiring US citizens living at home or abroad to file annual reports on any foreign account holdings they have.

The FATCA was passed in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, designed to encourage transparency among the world’s banking institutions.

Who checks the box?

You would only check the FATCA box to indicate significant amounts of money—$50,000 or more—held in foreign bank accounts.

For the majority of Adams® Tax Forms Helper® users, this checkbox will not apply to you.

Under your Recipients, you have the option to check the FATCA box.

Click “Save” when you’re done checking your FATCA box.

Your data will be saved and you can continue working in Adams Tax Forms Helper.

Note: if you are a US Citizen or green card holder and you have a foreign bank account with significant assets, you’ll want to be sure you fulfill your Chapter 4 reporting requirements.

You can see the complete IRS instructions at the IRS link "Foreign Account Tax Compliance Act (FATCA)".

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