Hi - per IRS Instructions for Form 8960 (2021) document "Other items of net investment income
not otherwise included on Form 8960 reported on Schedule 1 (Form 1040), line 8z" should go into line 7 for Form 8960. Was expecting the number from "line 8z" to flow through but it is not showing up in Form 8960. Appreciate solution/advice as it is still not resolved after spending >1hour with consultant.
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Some adjustments to Form 8960 need to be made in Forms Mode (on the worksheet) and Forms Mode is not supported in the online versions of TurboTax.
Further:
Net Investment Income Tax (Form 8960): The program does not automatically support the
following scenarios for the calculation of Net Investment Income Tax (NIIT). Make any necessary
adjustments on the Form 8960 worksheet:
Any adjustment to the gain or loss from the disposition of an interest in a partnership or S
corporation that should be included on line 5c.
Activities involving trading in financial instruments or commodities which should be
included in NII regardless of material participation.
Any adjustment to interest or dividend income or to capital gain/loss that is not related to
an activity.
Net operating loss for NIIT purposes.
Any other adjustments or deductions not accounted for on the Form 8960 worksheet.
See https://digitalasset.intuit.com/DOCUMENT/A51oKyg2O/032522-2021-unsupported-calcs-L1FQfTTgn.pdf
Some adjustments to Form 8960 need to be made in Forms Mode (on the worksheet) and Forms Mode is not supported in the online versions of TurboTax.
Further:
Net Investment Income Tax (Form 8960): The program does not automatically support the
following scenarios for the calculation of Net Investment Income Tax (NIIT). Make any necessary
adjustments on the Form 8960 worksheet:
Any adjustment to the gain or loss from the disposition of an interest in a partnership or S
corporation that should be included on line 5c.
Activities involving trading in financial instruments or commodities which should be
included in NII regardless of material participation.
Any adjustment to interest or dividend income or to capital gain/loss that is not related to
an activity.
Net operating loss for NIIT purposes.
Any other adjustments or deductions not accounted for on the Form 8960 worksheet.
See https://digitalasset.intuit.com/DOCUMENT/A51oKyg2O/032522-2021-unsupported-calcs-L1FQfTTgn.pdf
Thank you for the feedback. This is my first time using Turbo Tax. I paid for the online version with the intention to e-file (preferred version suggested and more expensive than the desktop version) and realized that the other income is not flowing through only after I printed out the form to check before submission. I had a call with the experts and asked if this was something that Turbo Tax could update on the back-end given that the option is available for desktop but not online. In view of the upcoming tax submission deadline, if the issue is not resolved, does it mean that the form should be submitted with incomplete information? Will there be penalties if IRS raise a query?
A penalty is unlikely but there could be an adjustment and interest charged in any balance due.
You should try to prepare the return so that it is complete.
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