form 8621

Did you enter a K-1 form ? 

no

Some question that you answered has made the program think that you had income as a shareholder.  Go to the section of Wages & Income for investment income and click the little garbage can to the right of the form the program created.  If that doesn't work you can delete the form directly-

 To Delete a form:

1. Select Tax Tools from the menu on the left

2. Then select Tools

3. When the new menu pops up select Delete a Form

4. You will see a list of all the forms in your return

5. Find the form that you want to delete (8621, K-1)

6. Select the Form

7. Click Delete on the right  

Tax forms are interconnected.  While you are in this screen don’t start deleting forms you don’t recognize.

I am having the same issue. there is no form 8621 or K-1 filed. any help?

Tax form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, is used to report income from foreign mutual funds, also referred to as passive foreign investment companies (PFICs). Are you reporting  Foreign Mutual Funds information in your return? If not, then do as robertb1326 suggests.

1. Select Tax Tools from the menu on the left

2. Then select Tools

3. When the new menu pops up select Delete a Form

4. You will see a list of all the forms in your return 

5. Find the form that you want to delete (8621, K-1)

6. Select the Form

7. Click Delete on the right  

I have this same error message but do not have this form at all in my forms.  I cannot get beyond this to file electronically.  Very frustrating.

I have the same error message, but when I reviewed everything,  I can't find any errors in my forms that would trigger the error message. I have tried to use your suggested method but I am unable to get to the suggested fixes.  I have been entering the same basis information for a number of years and have not run into this before.

TurboTax does not support form 8621 so you will be unable to delete Form 8621.   To fix this problem you will need to go back through your return and see what you answered that might have triggered TurboTax to think you have a passive foreign investment "PFIC".  TurboTax is telling you that it cannot handle your return.   Here is a link with more information on What IRS Forms are not included in TurboTax.   Most likely the question would be in the investment income section.

If you go through these steps and are still having a problem, come back, and
we can see if there is another way we can help you find where the issue is.

I'm having the exact same issue as lizblin.  

Help please, I can't move forward unless Turbox Tax fixes the problem!!!!!

If you can't find the question that you answered to generate this error then go back to your investment income and delete everything and re-enter it.  Pay careful attention to the questions related to your income to be sure that you do not tell the system you have any foreign earned income.

Thanks, I will give it a try.

Per your suggestion I went back and deleted and reentered the income information.  I am still gtting the same error message at the end.  I thought initially that it had to do with my failure to do the double entry for the type of distribution.  That is not the issue.  any other suggestions?  I am starting to wonder if I should start from scratch.

I am betting that there is some pass-through income on a 1099-DIV that is triggering this somewhere but I can't tell without looking at your entries.

You are probably better off having someone walk through the return with you to look at your entries so I recommend getting live expert help.

Here is a link to finding a TurboTax expert.

However, that requires upgrading your product which may be an expense you don't want.  In that case you can call an expert and ask questions over the phone.

Here is a link to the TurboTax Phone Number.

Thanks for your assistance

@JillS56 I have tried everything under the sun and have zero investments or 1099s or anything except wages earned in the US.  I spent over an hour on Sunday with someone at Turbotax and they even had level 2 experts help.  There is no explanation on why I would need a form 8621.  The main reason that I use Turbotax is for efiling.  I was told at the end of my conversation that maybe the IRS hasn't released this form to Turbotax for my state yet.  Again, I don't need this form... 

Maybe I need to go back and restart an entirely new return, which of course, really stinks and what if it doesn't work...

It depends. Perhaps you had K1 income for this year or prior years. See if you can delete the forms if this is the case. Also did you receive a 1099-INT or 1099-DIV that may have foreign mutual fund activity on it?

1. Select Tax Tools from the menu on the left

2. Then select Tools

3. hen the new menu pops up select Delete a Form

4. You will see a list of all the forms in your return

5. Find the form that you want to delete (8621, K-1)

6. Select the Form

7. Click Delete on the right  

8. See if this works

@JillS56 Please disregard my previous message.  I decided to start over from scratch.  It seems to be working now.

I gave given up. I have decided to mail in my taxes. Just delays my refund. As long as I still get the money. Has to do with trying to Efile.  I considered starting from scratch, not worth the time and effort. Hopefully they try and figure out what the problem is with the program and fix it before next year. 

Spent over two hours with a very knowledgeable Specialist- Tajey, regarding this issue. SHE TRIED EVERYTHING UNDER THE SUN!!!!!!!!!!

not to mention working with five other specialist before her.

bottom line -turboTax needs to fix this problem. I think there’s something wrong with their 2021software program .

No K-1.

I have the same investments that I’ve had for years, no drastic changes to my income.

I haven’t had this issue until now.

i’ve been filing my taxes with TurboTax for over 15 years.

Robert,

you need to file an investigation to figure out what’s wrong with the software program. 
if this continues TurboTax is going to lose a lot of their loyalcustomers.

@hawaiirancher2018

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

Go to the black panel on the left side of your program and select Tax Tools. 

1. Then select Tools below Tax Tools. 
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent. 
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution. 

I am getting the same error for form 8621.

My situation is I sold land in 2020 and it was added in the stocks, mutual funds section because it was personal land sold.

For 2021, I withdrew a large amount of my tax shelter annuity, and the error comes up indicating I need to mail this form 8621 along with my taxes into the IRS.

I have tried to find this form connection and the steps that were given, I am not able to find tax tools.  I find tools in the left menu.

Any assistance would be helpful.

Thanks daphtrevino

Hi-

Open your tax return.

At the top of your screen, (left side, black bar/there's a menu)

Click on ONLINE.

Click on SEND TAX FILE TO AGENT.

Follow the instructions from there- It will process your tax file for TT specialist to review.  

When complete it will give you a token #.

Write this down and provide it to the specialist that you are dealing with.

Hope this helps.