Unfortunately, No. Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations is not supported by the TurboTax personal tax preparation software. To attach this form to your personal tax return you must print and mail the tax return.
IRS Form 5471 - https://www.irs.gov/pub/irs-pdf/f5471.pdf
IRS Form 5471 instructions - https://www.irs.gov/pub/irs-pdf/i5471.pdf
This year I am filing 5471 for the first time.
I downloaded the form and filled it manually.
For the rest of my personal taxes I used Turbo Tax.
Now I am ready to file.
Can I efile using TurboTax and then send f5471, f5471-sp seperately by mail
Or do I have to file everything regular mail?
The form 5471 instructions clearly states that the form must be attached to the appropriate tax return therefore you must mail in the tax return because e-filing is not allowed in TurboTax if you have attachments.
So to recap, if you need to file a 5471, you can :
1) do all of your basic tax return paperwork with TurboTax, 2) print the basic paperwork
3) attach 5471
4) mail together
Correct?
@mh1nt wrote:
So to recap, if you need to file a 5471, you can :
1) do all of your basic tax return paperwork with TurboTax, 2) print the basic paperwork
3) attach 5471
4) mail together
Correct?
Correct...
I would be thrilled if TurboTax caught up with the competition here. I have been printing and mailing for years because I thought the IRS wouldn't accept e-filed 5471s. Now I know it's just that TurboTax doesn't care about its customers who have to file these forms.
I thought that I could fill in Form 5471 in TurboTax and ended up doing google search on how to file form 5471 where it brought up me here. I do believe that Intuit turbo tax should catch up this to compete with it's rivals.
Agreed. TurboTax should at least add the capability of attaching a completed 5471 PDF and then e-file.
TT team - any update here? Can we use TT for 5471 or do we keep using TaxAct?
@jmr63 wrote:
TT team - any update here? Can we use TT for 5471 or do we keep using TaxAct?
IRS Form 5471 is not supported in any of the TurboTax programs for tax year 2021.
I have probably used TTax for 20 years, but this year I am trying TaxAct, 100 percent because of this issue. It took nine months for my filed-on-time 2020 return to get processed, and to get my refund - huge IRS backlog with paper returns. Never again. I actually just started my online 5471 this morning, and it is such a relief.
This is indeed the most compelling reason and why I did 2020 with TaxAct - as my 2019 taxes weren't processed for ~ 9 months - and I got notices from the IRS because they didn't have my taxes yet - even though they had them but hadn't processed them! I'll do 2021 with TA again .. even though I prefer TT's overall quality/performance. How hard can one form be? Gosh ..
Thank you for the TaxAct suggestion. Tax year 2021 was the first one I had to file 5471 after so many years of being a loyal TurboTax customer. And after TurboTax's non-support of 5471, the non-ability to e-file my return, and the impending months and months of wait time for my refund because of this, I will be switching to TaxAct for tax year 2022
Your question did not post. If you still need assistance, can you please repost your question so that we can assist you?
The post was a question about TaxAct ..
which seems to have been deleted. Here it is from email
I tried to open form 5471 on taxact and it says that it is not supported and will be added in future updates. Would you please help on how are you getting to 5471 on taxact? Thanks much for your help.
You have reached Turbo Tax. For assistance with TaxAct, please contact them.
@jmr63
I use Turbo Tax and then Manually fill form 5471 and attach it with my tax return
But unfortunately, I have to send a physical copy of the entire tax 1040 and all other pages
I would love to fill 5471 form in Turbo Tax and actually use the electronic filing for my tax return
I still completely agree. TurboTax costs me a few months a year (not to mention the American taxpayer) because I have to file on paper and then someone at the IRS has to process it on paper. Currently, I am having to amend some returns, and those must be on paper too because the original return was on paper.
Come on TTax, your competitor has proven it can be done, time to get in the game. (For someone asking about the competitor, the form was updated/became available later in the tax prep season, in March I think. Also not perfect to have to wait for it.... so TTax would leapfrog the competitor if they could get this right)
It looks like the 5471 is available in a different piece of tax software owned by Intuit, called Lacerte/ ProConnect. So the code TurboTax needs is already under the Intuit umbrella. Bring it home TTax!!