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Level 1
posted Feb 6, 2023 9:36:38 AM

E-File REJECTED: If Form 8960, 'NetRentalIncomeOrLossAmt' has a non-zero value

Was told IRS would have a fix on Feb 5th, filed 2nd time today and was rejected. Briefly, we have no rental income, we have a business income (sole prop). Not sure what to do? I call TurboTax and they say it’s the IRS, I call the IRS and they say it’s TurboTax. Please advice. Thank you.
 
If Form 8960, 'NetRentalIncomeOrLossAmt' has a non-zero value, then it must be equal to Schedule 1 (Form 1040), 'RentalRealEstateIncomeLossAmt' unless all of the following conditions are true: 1) Filing status of the return is Married filing jointly or Qualifying widow(er) and 2) Form 8960, checkboxes 'Section6013gInd' and 'Section6013hInd' are not checked and 3) Form 8960, 'FilingThresholdAmt' equals 125000.

 

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2 Replies
Expert Alumni
Feb 6, 2023 10:32:41 AM

This error refers to Form 8960 Net Investment Income Tax Individuals, Estates, and Trusts.  The issue is known by the IRS 

Business Rule F8835-015 will be updated in early PY2023.

Business Rule will be updated in mid-March 2023 for Tax Year 2022

Level 1
Feb 6, 2023 10:41:57 AM

I was informed it would updated Feb 5th (yesterday), do I need to do anything other than wait to file again  to file TurboTax in mid-March? What date specifically?