Per my accountant, Form 8960 isn't required for a distribution that I received because I'm an active participant. Turbotax is calculating a 3.8% tax that comes out to over a $20,000 tax.
I tried deleting the forms, but they keep coming back. Since I use online, I've read that I can't directly modify the forms.
From what I can gather on this topic, this is something turbotax hasn't been able to handle. Other people have switched to h&r block, but I don't really have that option right now. And trying to redo everything (I know I can import, but still) within the offline version is a pain. It takes me months to do my taxes and I've spent hours tracking down a tax that Turbotax says that I owe, but don't.
Is there another option?
Thanks!
@sb11 wrote:Is there another option?
No, unfortunately, TurboTax does not support certain adjustments to Form 8960.
https://digitalasset.intuit.com/DOCUMENT/A51oKyg2O/032522-2021-unsupported-calcs-L1FQfTTgn.pdf
The unsupported adjustments would have to be made using Forms Mode (which requires a desktop version of TurboTax).
what type of distribution? active participant in what? what line of the 8960 is this amount appearing on?
@sb11 wrote:Is there another option?
No, unfortunately, TurboTax does not support certain adjustments to Form 8960.
https://digitalasset.intuit.com/DOCUMENT/A51oKyg2O/032522-2021-unsupported-calcs-L1FQfTTgn.pdf
The unsupported adjustments would have to be made using Forms Mode (which requires a desktop version of TurboTax).
Thanks for the reply @Anonymous_. Looks like I'll need to file an extension and then look into taxslayer or h&r block's services. Thanks again!