Solved: I have tax due from FORM 8697. Where do I record it?
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New Member

I have tax due from FORM 8697. Where do I record it?

This was a calculation for look back interest.

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Level 15
Intuit Approved!

I have tax due from FORM 8697. Where do I record it?

TurboTax does not support IRS Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts.

See this TurboTax support FAQ for forms not supported - https://ttlc.intuit.com/questions/2575105-which-irs-tax-forms-are-not-available-in-turbotax-personal...

IRS Form 8697 - https://www.irs.gov/pub/irs-pdf/f8697.pdf

IRS Form 8697 instructions - https://www.irs.gov/pub/irs-pdf/i8697.pdf

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Level 15
Intuit Approved!

I have tax due from FORM 8697. Where do I record it?

TurboTax does not support IRS Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts.

See this TurboTax support FAQ for forms not supported - https://ttlc.intuit.com/questions/2575105-which-irs-tax-forms-are-not-available-in-turbotax-personal...

IRS Form 8697 - https://www.irs.gov/pub/irs-pdf/f8697.pdf

IRS Form 8697 instructions - https://www.irs.gov/pub/irs-pdf/i8697.pdf

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Level 15

I have tax due from FORM 8697. Where do I record it?

Edited answer...remove IRS support FAQ to TurboTax support FAQ.
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Level 9

I have tax due from FORM 8697. Where do I record it?

It is added to Line 63, with "From Form 8697" written next to that line.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/i8697#idm140367415714288">https://www.irs.gov/instructions/i8697#id...>

You would need to manually override those numbers and/or manually write those numbers on the Form, and mail your tax return.
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New Member

I have tax due from FORM 8697. Where do I record it?

I have this same situation for 2019 and have manually calculated the info for Form 8697.   Does this amount get added to Schedule 2 on Line 8 - with a note that it is from Form 8697? (I also have S/E tax, so TurboTax has filled in this form with that info already.)

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Level 15

I have tax due from FORM 8697. Where do I record it?

The only way to do that is to use the Downloaded version and override that field in the FORMS mode ... this will keep you from efiling  so you will need to mail in the return with that form attached. 

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Level 15

I have tax due from FORM 8697. Where do I record it?

 
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