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Level 2

Question

Form 8697

Forum|Forum|6 years ago
March 16, 2020
3 replies
16 views

I have Turbo tax for business and use it for reporting my Corporation income tax. I am ready to file however it says that I need to fill out form 8697. Why does the program not include form 8697 Interest computation under look-back method of completed long term contracts. I have no long term contracts or even short term. Why did it say audit was complete and no issues found in my return?

Please help because it will not allow me to E-file without form 8697

Level 14

It was complete for the scope of forms TurboTax covers, but this form is still necessary for a complete tax return submission. TurboTax does not support Form 8697. Please see this link for more details: Which IRS Form are not included in TurboTax?

Form 8697 Instructions page 5 & 6

I recommend paper filing. To paper file using the CD/Download, click this link: How do I paper file?

If you have concerns about filling out this form, and do not feel like it will be completed by April 15, 2020, you may instead want to submit an extension: How do I file Form 7004 (Application for Automatic Extension of Tie to File Certain Business Income Tax, Information, and Other Returns)?

jerryknipAuthor

Level 2

What I can not understand according to the program it says I have a value entered into look back field.

since this has a value in it requires that I file form 8697.

I have no contracts that would require me to enter a value and in looking through all the forms the only value entered in the look back field is 0.

I would like to know why this is happening.

Level 15

TurboTax does not support Form 8697.

Are you able to remove the 0 and leave that field blank rather than entering zero?

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