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Level 1
posted May 6, 2024 8:42:20 PM

Filed form 1120...received a notice that we did not file form 4626...Turbo Tax Business did not calculate of produce this form...where is the update for this?

1 4 37476
4 Replies
Level 15
May 6, 2024 10:54:17 PM
Level 2
May 7, 2024 7:35:25 PM

"If you filed form 1120, there's a question on schedule K line 29c that triggers the filing requirement for 4626. I incorrectly checked no (meaning not exempt/safe harbor) & received the same request as you (my C corp is tiny)"....

 

The Fix??? (at least for me...)

"I'm planning on filing an amended return & responding with a cover letter saying I checked the wrong box."


Wish I could take credit for this, but it's seagull672 who gets the credit for helping me with this same issue.

Good luck,

Al

Level 2
May 29, 2024 3:49:08 PM

And if you do not have  K1?

Level 2
May 29, 2024 4:54:18 PM

Sounds like you are getting two different forms mixed up... Not a "K1", but rather your "Schedule K," it is part of your 1120 just after the "schedule J." I think it's on page 5 of your Form 1120. Double check, and you'll see "line 29c." Change it from "NO" to a "YES." Read it, you'll see that it triggers form 4626. 

Happy filing!!

Al