topic Re: Form 7217 - is it under development plus a question? in Get your taxes done using TurboTax

Form 7217 - is it under development plus a question?

TodS — Wed, 05 Mar 2025 23:18:06 GMT

I am using TT desktop. With regards to a Final K-1 distribution, the program is stating "TurboTax is not supporting Form 7217 at this time." (emphasis added). Is support for that form under development at this time? Is it likely to be included before 4/15/25? Or should I be planning at this stage on filing by mail rather than e-filing?

Also, the form's instructions and some questions in the community use the phrase "money or marketable securities treated as money". In my case, the distribution of the partnership assets were made as cash and publicly traded securities. It seems would seem publicly traded securities would fit as "marketable securities" but the "treated as money" clause gives me pause. Do such securities let me fit the exception such that I do not have to file the Form 7217?

Re: Form 7217 - is it under development plus a question?

ThomasM125 — Wed, 05 Mar 2025 23:41:48 GMT

I found form 7217 in my desktop version of the Business TurboTax product. It is not currently available for 2024 in the personal TurboTax products and I don't see it listed as a form that will be available in the near future.

With respect to marketable securities, the broad definition per Code section 731 (c) (2) (A) refers to securities that are actively traded. I would take that to mean they can easily be converted to cash. You can read more about it by using this link to the Cornell Law Institute: Code 731

Re: Form 7217 - is it under development plus a question?

mc981 — Fri, 14 Mar 2025 18:40:32 GMT

I need to submit Form 7217 with my return. I'm using TurboTax Premier and I get a message saying "TurboTax doesn't support Form 7217 at this time. You can download Form 7217 from the IRS website here. Once you complete your tax return, opt to print and mail it instead of e-filing. You will need to fill out Form 7217 and include it with your printed tax return when you mail it to the IRS."

As I have to mail my federal return, by default do I also have to mail my state return? It doesn't look like TurboTax will allow an e-filed state return if federal wasn't also e-filed, but I want to make sure I'm not overlooking something.

Thanks.

Re: Form 7217 - is it under development plus a question?

guy32 — Mon, 14 Apr 2025 01:03:38 GMT

You gotta be kidding me. Tax software does not support required tax forms? That's your whole job! smh.