Can HOAs use turbo tax to file a 1120H

Forum|Forum|6 years ago
May 29, 2020
3 replies
11 views

No text available

TurboTax Online

Anonymous_

Level 15

Form 1120-H is included in TurboTax Business (see link below), but the form has to be prepared almost entirely in Forms Mode (i.e., there is virtually no Step-by-Step guidance).

https://turbotax.intuit.com/small-business-taxes/

MinhT1

Level 15

Yes, TurboTax Business can handle form 1120H for Homeowners' Associations.

Please read this TurboTax Help topic for more information.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

DWHOATreasurer

Level 2

The link to the help topic does not work. Are there current instructions or helpful tips for filling out an 1120H for a homeowners' association / HOA? Thanks!

PattiF

Level 15

Here are the instructions from the IRS for Form 1120H.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

DWHOATreasurer

Level 2

I just finished using TurboTax Business to prepare an 1120-H and a state return. There still are no walk-through instructions. If I had it to do again, with only the most dirt-simple information to report and the prior year's return to copy from, I would save the money and use paper forms. For anything more than the simplest return, the best option would be to use a CPA because at least there you would get specific advice for your HOA's situation. TurboTax Biz was not worth the money without offering interview questions, IMHO.
Note: if you also use QuickBooks and want to file an 1120-H, do not import data from QB. TT will fill out form 1120 for you but not form 1120-H, and you'll end up having to delete 1120 form pages and manually enter numbers in the -H form.

sdrofdeb

Level 2

Turbo tax business had me download the NC State form 1120 /1120/H . I only completed the 1120 H information and it did fill out the NC CD 405 form which is all zeros. A Corporation is required to file a state return even if no taxes are due. My question is how do we know turbo tax is accurate for state when filling out the 1120H in forms? While the HOA is just a net zero in terms of owners paying and in and then paying for all the common expenses, the HOA does own common property and therefore has a balance sheet. So wondering if filing the State form without any other detail is correct from turbo tax?