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tracybyrne001
New Member

How can I exempt materially participated income from an LLC on form 8960?

this income should not be included in form 8960 NIIT.  how to exclude through turbotax online?
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tagteam
Level 15

How can I exempt materially participated income from an LLC on form 8960?


@tracybyrne001 wrote:

Thank you!  It actually did do that.  I am looking for the adjustment in line 5b of the form 8960.  If you can let me know how something is entered there, I'd much appreciate it.


@tracybyrne001 

 

In the past, any adjustment on Line 5b of Form 8960 had to be done in Forms Mode (that mode is only supported by the desktop (installed) versions of TurboTax). I am fairly certain the procedure has not changed, so you might need to switch out of an online product to a desktop product to make that adjustment.

View solution in original post

3 Replies
tagteam
Level 15

How can I exempt materially participated income from an LLC on form 8960?

That should be done automatically by the program, provided you made the proper selections (e.g., that you materially participated); the result should appear on Line 4b of Form 8960.

 

If you have done so and there appears to be an error, contact Support via the link below.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

tracybyrne001
New Member

How can I exempt materially participated income from an LLC on form 8960?

Thank you!  It actually did do that.  I am looking for the adjustment in line 5b of the form 8960.  If you can let me know how something is entered there, I'd much appreciate it.

tagteam
Level 15

How can I exempt materially participated income from an LLC on form 8960?


@tracybyrne001 wrote:

Thank you!  It actually did do that.  I am looking for the adjustment in line 5b of the form 8960.  If you can let me know how something is entered there, I'd much appreciate it.


@tracybyrne001 

 

In the past, any adjustment on Line 5b of Form 8960 had to be done in Forms Mode (that mode is only supported by the desktop (installed) versions of TurboTax). I am fairly certain the procedure has not changed, so you might need to switch out of an online product to a desktop product to make that adjustment.

View solution in original post

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