IRS Form 8594 is not included in any of the TurboTax personal income tax products, including TurboTax Premier.
Form 8594 is included in TurboTax Business which creates tax returns for SCorps, C Corporations, Partnerships and multimember LLCs.
Here is an IRS link to a PDF file of Form 8594.
PDF 8594 Form: https://www.irs.gov/pub/irs-pdf/f8594.pdf
Instructions 8594 Form: https://www.irs.gov/pub/irs-pdf/i8594.pdf
If your business is reported on a Sch C ....
Class IV assets are stock in trade of the taxpayer or other property of a kind that would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of its trade or business. Inventory sold ... enter this as income on the Sch C and reduce your inventory to zero.
Class V assets are all assets other than Class I, II, III, IV, VI, and VII assets. Note. Furniture and fixtures, buildings, land, vehicles, and equipment, which constitute all or part of a trade or business (defined earlier) are generally Class V assets. You sold your assets ... in the asset section you will sell off all the assets listed.
Class VI assets are all section 197
intangibles (as defined in section 197)
except goodwill and going concern value
This is also an asset so make an asset entry for the goodwill or whatever you sold so you can sell it off like the other assets.
Thanks for your response to my concerns. My business income has been report on K1 with 1120s . I thought I could list the different assets sold by category on my personal return without this being on the K1. When trying to enter sales information on turbo tax, I got stuck right away. I am now assuming that my accountant that is preparing the final K1 must input the sales information and prior basis. Since we have sold the business, our current accountant has been very difficult to get her to do much.. I was just trying to let her just finish a normal 1120s and K1. Please let me know your thoughts about continuing to try to list sales info on my personal return. Thanks
NO ... that belongs on the 1120S because you sold THAT business ... the accountant MUST have that form to complete the final corporate return to you can get the K-1 to put on your personal return. It cannot be done any other way ... alert the accountant ASAP.
have a 8594 with all class VI and VII assets - trying to figure out where to report the payments for 2018 on Premier -- most of the assets are considered capital gains but a small part are interest - so was planning to set a line item in those categories, but the payments are over 5 years and that won't match up with the info on the 8594 which is for the total -- still amazing to me that the buyer doesn't have to provide a 1099 or something!
since the form is not available on tt I plan to print the return and sent a copy of the 8594 with it ...