A 5471 Information Return of U.S. Persons With Respect To Certain Foreign Corporations is not supported by the TurboTax personal tax preparation software. To attach this form to your personal tax return you must print and mail the tax return. A tax refund can be direct deposited with a mailed personal tax return.
IRS Form 5471 - https://www.irs.gov/pub/irs-pdf/f5471.pdf
IRS Form 5471 instructions - https://www.irs.gov/pub/irs-pdf/i5471.pdf
A 5471 Information Return of U.S. Persons With Respect To Certain Foreign Corporations is not supported by the TurboTax personal tax preparation software. To attach this form to your personal tax return you must print and mail the tax return. A tax refund can be direct deposited with a mailed personal tax return.
IRS Form 5471 - https://www.irs.gov/pub/irs-pdf/f5471.pdf
IRS Form 5471 instructions - https://www.irs.gov/pub/irs-pdf/i5471.pdf
Does this mean one could use TurboTax to prepare the standard personal return, print it out, and attach a manually prepared 5471 form? Or does this mean that TurboTax cannot be used at all in this case since there are fields from the 5471 that need to be filled in on the personal return, and TurboTax doesn't support that?
no, but still holding out hope for a response. I've started my return with Turbo Tax but don't know if 5471 is completely standalone or not. Does anybody know?
Since none of the information from the Form 5471 is entered on your personal tax return, then you can use TurboTax to prepare and file the tax return. The Form 5471 is attached to the personal tax return when the return is mailed.
Have a follow-up, can I efile my 1040 and state taxes and then later printout the efiled 1040 to mail with my 5471?
Why is it that TurboTax doesn't provide these forms? I've been using it for almost 20 years, since it's beginnings and it seems absolutely absurd that after all these years they haven't been able to include this and 8865 or the other forms mentioned regarding forms... Any ideas?
Why doesn't TurboTax allow us the simple option of attaching a completed pdf file(s) to our electronic submission?
On another note, I submitted my return electronically and obviously didn't include my 5471 or 8865... can they be submitted separately with a cover letter?
@rfryan2000 wrote:
Why is it that TurboTax doesn't provide these forms? I've been using it for almost 20 years, since it's beginnings and it seems absolutely absurd that after all these years they haven't been able to include this and 8865 or the other forms mentioned regarding forms... Any ideas?
Why doesn't TurboTax allow us the simple option of attaching a completed pdf file(s) to our electronic submission?
On another note, I submitted my return electronically and obviously didn't include my 5471 or 8865... can they be submitted separately with a cover letter?
TurboTax does not support Form 5471 and Form 8865 as so few taxpayers require these forms.
See this TurboTax support FAQ for forms not supported - https://ttlc.intuit.com/community/forms/help/which-irs-forms-are-not-included-in-turbotax/01/25551
The IRS will not accept PDF attachments to an e-filed federal tax return. If attachments are required the federal tax return has to be printed and mailed.
A Form 5471 and Form 8865 are attached to the tax return that is being filed, either personal, corporate or partnership as required by the form instructions.
Thanks for your thoughts.
Whether or not tons of people need these forms does not mean TT shouldn't put in the effort to create and support them. Sorry, but I think this is sad considering I've been using TT for over 20 years and think they should have every form available. Time for them to be best, not second or third...
I agree and have said so on other 5471 posts. The IRS is only going to get more interested in this topic and it is a big gap if TTax users can't rely on intuit to keep the product current. Next year I will check who has the 5471 before I choose my tax software - I cannot stand the thought of manually typing into all these PDFs for one more year.
To factually answer the OP, you can't efile any part of the Federal return if you have to file a printed 5471. I'm not sure about state rules - for my home state, even though they don't require the 5471 and e-filing is legally required, TTax won't let me efile my state return unless I have efiled the Federal. So TTax is forcing a bunch of extra postage and printing and waiting and wondering on its customers, with its current stance/laziness on this topic.
My 2 cents after reading the thread and based on my limited understanding: even though form 1040 does not seem to be linked to any fields on form 5471, it seems there are fields on 1040 that might depend on information on 5471, such as dividends earned from net income of a foreign entity the taxpayer is a shareholder of. Therefore, even though someone could use turbo tax to prepare the 1040, caution should be taken to capture on it any related data from other forms.
Yes, you're absolutely correct...
What is most important is that, dare I say it trying my best to be diplomatic and kind, the administrators at TurboTax should stop being so sadly lackadaisical and obviously lazy. That's not to say that everything including adding this form is snap-your-fingers easy.
Nonetheless, the effort to completely make their product the best is worth every ounce whereas the clear attitude that "there aren't enough people using it to make it worthwhile" is exactly what destroys companies, no matter how big they are.
This attitude is exactly the basis of socialism and communism. Furthermore, this innocuous, not innocuous, thought process is exactly what destroys the capacity of any group to be their best, except under the threat of personal injury. Therefore, if TT doesn't do it even for a group of us who are being honest to aim to submit all requested forms, then they have fallen to this destructive path and exactly what our forefathers warned us about tyranny and its eventual outcome, exactly as little children do because its work. Ironically, isn't that what we pay TT for?
TT, I was the President and CEO of a publicly traded company and have seen this first hand. It isn't the right thing nor a good choice. I hope I can convince you that it would be well worth your time and money to work with me and/or others to become better, if not the best, before relinquishing yourselves to the eventual self-destructive outcome we see on the horizon.
Thanks for reading my/our input, your understanding of these points, and I truly would be interested in helping you and look forward to being contacted by you toward helping you continue to build a better end product and increasing customer value and satisfaction.
All the best,
Dr. Ryan
Thanks and while what you wrote is what we already understand and noted, it does NOT obviate the correct response by TT. They are inherently happy to rely on last year's product with unnecessary holes in it greater than reasonable because it would take time... and the point is? This is lazy, not caring about the needs of the customers nor the requirements of the IRS tax code just because it comes dressed in overalls and looks like work. I'm certain that in your level 15 position it is inherently obvious that TT has had decades to accomplish this and yet hasn't. Then if they don't care about their customers' needs, then why don't they throw in the towel and quit? Maybe they should.
In fact, this is much like the attitude of the TaxAudit.com people who had one wonderful woman who was phenomenal, helping me successfully complete a 2012 audit, but by the next time and the people changed with insufficient actual workers, mostly useless "EAs," and I was audited by Maryland for 2017, 18, and 19, simultaneously, TaxAudit totally dropped the ball, refused to provide me logs of their effort to contact, let alone interact with MD, and then ran into the caverns never to be heard from again, I won't recommend them again to anyone. Bad service and a desire to take our money and run. Miserable.
The point is that value of anything is created, not leaned on by a company who cares about it's customers/end users. In my opinion after using them for over 20 years, it's decades past time for TT to step up and improve, particularly when the end users request it and competition is not sitting on their laurels and making efforts and advancing.
In rethinking about this question, I believe that one could complete a full return, submit it, and later if requested in an audit provide the paperwork, unless it has a substantial material impact on the return, or once it was discovered, the person could submit a 1040X and mail it with the completed 5471.
Can anyone else confirm that I can e-file without Form 5471 first and later mail in Form 5471?
Thanks,
ZX
No. You cannot e-file your federal return and mail Form 5471. The instructions state," attach form to your income return and both file by the due date."
I have been using TT since MACInTax, which I used many years before TT absorbed it. How long is that? More than 20 years, I am sure.
Well, this is the last year for TT. TT has LOST me for good.
I do NOT need to file Form 5471, but I do need to add a disclosure statement regarding the partnership I belong to that does File the 5471 (as I am more than a 10% owner). Additionally, I must add a Schedule P from a Form 5471 along with that disclosure.
I have 3 state returns to file too, so now ALL 4 returns (the Federal and the 3 states) MUST be paper filed, as a Federal return must be done as an eFile in order to eFile the states. One state is NY, so I will have to explain to NY on the paper filing why it could not be sent as an eFile due to these miserable TT limitations in their product.
Given the ATTITUDE of TT that not enough taxpayers need forms they do not support, it will be bye-bye TT and good riddance! I will scrape TT right off my shoe and be glad their stench is gone - for good!
New York prefers e-filed returns, but there are certain circumstances that make it necessary for you to file your NY return by mail and the state DOES allow mailed returns. If you could not or did not e-file your federal return then your NY return cannot be e-filed. It has to be mailed. It is not possible to e-file any state return if the federal return was not e-filed and accepted by the IRS.
https://www.tax.ny.gov/pit/efile/efile_mandate_for_individuals.htm
https://www.tax.ny.gov/pit/file/return_assembly_mail.htm
xmasbaby0,
Thanks for your remarks. However, I thought the post of mine to which you replied demonstrated that I already knew all this about NY's exception to eFiling and why I was unable to eFile the Federal, as well as the states by virtue of a domino effect.
I've used this exception previously, but it is galling that TurboTax is so ill-equipped to deal with a pretty simple foreign disclosure compliance issue and FORCES me to eFile all my returns as a consequence. I now HATE TurboTax and would like a full refund for the displeasure this slight to the customers caused.
A number of people here have this same issue, based on he posts here. As the world grows smaller, there will be more and more taxpayers that require such foreign disclosures.
It is INSANE that we cannot even eFile with an attached PDF, when other software offers that flexibility. And, I have NJ BAIT and the TurboTax program stated it was the NJ Division of Taxation rules that prevent my eFiling a NJ return that has BAIT. THAT IS RUBBISH - blaming the state when it is the incapability of the program that does not allow a NJ eFile with a BAIT claim.
TurboTax is doing less and less. I hope this product craters. Intuit brought this headache on and they deserve my scorn and a loss of market share.
" I now HATE TurboTax and would like a full refund for the displeasure this slight to the customers caused. "
No one in the user forum can issue a refund to you. And....when you use TurboTax, you are not guaranteed that you will be able to e-file. The fee for using online TurboTax is the same whether you e-file or mail the return in an envelope. You paid to use the software to prepare your return--you did not pay an extra fee to e-file.
But, you can have that discussion with customer support.
No one in the user forum can resolve a billing issue. If you have a question about your TurboTax fees or billing, make sure you use the word “billing” in your request for help. Do not use the word “refund.”
https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number
xmasbaby0
My guess is you reached Level 15 since you like to post and do so a great deal. I just have to question if what you post is insightful, or just blabber.
Your last post in reply to mine is nonsense, as you certainly do NOT comprehend what others write. I thought it was pretty clear what I was expressing was exasperation on a forum and NOT expecting anyone on the forum to refund me the cost of TurboTax, which would be utterly preposterous; for you to interpret my post as such is completely ridiculous and frankly just idiotic.
I don't expect TurboTax to refund me a cent either. I used their product, so while I should pay for that, they failed to disclose their shortcomings of what they do not support.
I have used TurboTax all the way back to the days of MACinTax, before the products were melded into one. This was the first year I needed a form they do not support, nor does TurboTax offer a means to attach a PDF to an eFile, which is absurd, as that would have been an effective workaround to the failure to support a filing of a Form 5471.
As TurboTax is a software provider for tax compliance, my view, though perhaps not yours, is the provider should openly disclose their inabilities, or shortcomings, on their packaging, so prospective users are on alert and can make an informed decision as to what they are actually purchasing. If something like a list on the packaging of what the software does NOT provide is NOT practical, then supply an OBVIOUS message on the packaging to first check before buying a specific webpage that lists all the things the software will not perform.
Is that not reasonable? Frankly, I don't really care what you answer.
Being unable to add a PDF disables eFile Federal option? That makes it sound like it is an IRS issue, but where is your authority for this statement,? I believe what you say is true of TurboTax, but not professional level software options, which I do believe can have PDF attachments and still provide an eFile submission.
@blackie411 You are asking about this in the user forum for TurboTax software, so the reply you are getting pertains to TurboTax do-it-yourself tax software. If you want to use a professional tax preparer, then do that, and perhaps they can attach a pdf for you or suggest some other way to provide your information to the IRS.
xmasbaby0
I think you'd be better served by just putting a fork in it. You are not getting my meaning and I do not think that is on me.
I have made statements to this forum on this subject and NOT asked questions. I know the answers to the questions.
I have prepared taxes for a living for 45 years. I have CPA licenses in three states.
I use professional software at my office and know that professional software (CCH) can perform these functions. I have simply chosen to NOT use that professional software to prepare my own returns and those of my family at my office, so I do not use office hours on personal matters.
I was able to use this (TurboTax) off-the-shelf software for years and it was satisfactory, but no more. It is a failure for some, obviously, from what has been written here.
In speaking with a partner of mine, who can likewise use the office tax software, if he chose to do so, he uses the Intuit professional version at home, probably for the same reason I was not using the office software. I'd not looked into the Intuit professional version of the software, given I was able to make the off-the-shelf version do what I needed, but now I'll simply just use the office software going forward.
As eFiling has just become too pervasive and frankly easier than to keep filing on paper, I do not want to be forced to paper file in the future. I want a CHOICE.
During the pandemic, my paper filing of the Federal return for 2020 took 11 months to get processed and that was only due to filing a Form 911 with the TAXPAYER ADVOCATE SERVICE (TAS). While the IRS cashed my balance due check sent with the paper filed return within 4 days of mailing, the slow processing of the return itself created a problem with the SE tax deferral election that was made available for 2020, given the IRS did not know for 11 months that I had chosen to defer and that SE deferral remains a contentious issue over improperly charged interest, as the IRS is flat out wrong and that was caused solely by this 11-month processing delay.
So, there is no point to using a software product that is going to default me to paper filing simply due to its deficiencies. End of story.