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ckirbyjr
Returning Member

Form 8960

I am trying to revise the amount for which the net investment tax  does not apply ( sold my insurance agency / goodwill sale), but the form/program will not allow me to change! I am using the CD. Can you give me some advice?

Charlie

2 Best answer

Accepted Solutions
tagteam
Level 15

Form 8960

Read the guidance (data source) for Line 5b (the description and amount get pulled from other forms in your return).

 

If that is not the case for whatever reason, you can enter a description and figure on the Form 8960 WorkSheet (Line 5b - Additional adjustments).

View solution in original post

tagteam
Level 15

Form 8960

It should return the correct amount, but you will have to check that manually as the entry is not fully supported.

View solution in original post

5 Replies
tagteam
Level 15

Form 8960

Which Line, exactly? Have you tried an entry using Forms Mode on the 8960 Worksheet or the actual form?

 

 

 

There are certain Form 8960 scenarios that require overrides (since they are not supported by TurboTax).

 

See page 15, https://digitalasset.intuit.com/DOCUMENT/A51oKyg2O/032522-2021-unsupported-calcs-L1FQfTTgn.pdf

ckirbyjr
Returning Member

Form 8960

5b

tagteam
Level 15

Form 8960

Read the guidance (data source) for Line 5b (the description and amount get pulled from other forms in your return).

 

If that is not the case for whatever reason, you can enter a description and figure on the Form 8960 WorkSheet (Line 5b - Additional adjustments).

ckirbyjr
Returning Member

Form 8960

If I am able to  enter on the 8960 worksheet, will the program correct the amount of tax due?

tagteam
Level 15

Form 8960

It should return the correct amount, but you will have to check that manually as the entry is not fully supported.

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