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Thank you so much for expressing your concerns. Form 4626 is required to file with a corporation tax return unless a filing exclusion applies. Based on IRS Form 4626 instruction, taxpapers can choose to apply the safe harbor method (simplified method) if qualifies. IRS clarifies rules for new corporate alternative minimum tax generally applies to large corporations with average annual financial statement income exceeding $1 billion.
If taxpayer qualified for safe harbor method (most corporation may qualify), they can click the "yes" box on Form 1120 Sch K Line 29c to avoid filing Form 4626.
If you have received an IRS letter regarding this issue, you may file amendment with updated Form 1120 with line 29c box checked yes. Or, you may also respond to IRS letter with Form 4626
We appreciate for your business and continuous support. Please feel free to contact us if you have any further questions.
Not supported.
I got the same letter. I have been doing a little research and it looks like this is now required for all C Corps. So why is it nowhere in Turbo Tax?
It's funny to see the replies by people (Turbo Tax bots) linking to the Turbo Tax forms website and the form isn't even listed.
Additionally, this new form is required for every Corporation, except REIC & S Corps. The 1st page MUST be completed to even determine if you need to proceed with completing the other 6 pages. It's not like you check a box and are automatically exempt.
If Turbo Tax doesn't update immediately and make this form available, then Turbo Tax is useless for Corporations. It cannot provide the basic forms REQUIRED by the IRS and as a business owner, we are left scrambling on websites trying to figure out how to complete the form. They should provide a refund for all of us who purchased the Business Product because it falsely advertises to provide ALL the forms needed to file taxes. We can use those funds to shop for another product.
Have you seen the "simplified method"? It's page 1 of the 4626. Of course it's a scaled down version of the entire 4626, but it still requires completion and needs to be included with the tax filing. So how is that an answer to the lack of a 4626 in Turbo Tax or the programming required to complete the form? The bots need better programming.
I'm not a BOT, I'm an unpaid volunteer on this board, BUT I am done talking to you.
If you don't like the programming of TurboTax Business (specifically, the failure to include a particular form), simply use another tax preparation product. Whining about it on this board will get you exactly nowhere.
It should also be noted, particularly by you, that neither of Intuit's two major DIY tax preparation competitors (H&R Block and TaxAct) include Form 4626 in their 1120 tax preparation products.
Good luck.
@lauracou wrote:
They should provide a refund for all of us who purchased the Business Product because it falsely advertises to provide ALL the forms needed to file taxes. We can use those funds to shop for another product.
There currently is no other consumer-level product that includes Form 4626 (the good news is you're done shopping).
You might want to use a tax professional with access to professional tax preparation software.
I am confused, how can a required form bu unsupported? And the form requires 3 years of past tax return data. So does this mean we cannot file our returns electronically because turbo tax does not have the required forms?
I am looking at page 1 and it appears to require 3 years of historical financial data. It is unfortunate that we have to enter this all manually when it is already stored in Turbo Tax. Please have turbo tax add this form immediately. The IRS set a 30 day deadline and I fear turbo tax will not meet the government requirements.
I'm glad that you're not a BOT because all of the prior responses seemed very cut and paste.
In any case, Turbo Tax should do better. As you said, maybe this product is just no longer suitable for business owners since the required forms are unsupported.
And yes, I have been very pissed off about this situation. I have been using Turbo Tax for my small business taxes for over 20 years. It's unfortunate that they are leaving us all in this situation.
@lauracou wrote:
I'm glad that you're not a BOT because all of the prior responses seemed very cut and paste.
The prior responses in this thread were links I posted re the fact that the form is not supported and links to IRS web sites. Other members here do habitually copy and paste answers since many of the questions that arise are the same and similar.
@lauracou wrote:In any case, Turbo Tax should do better. As you said, maybe this product is just no longer suitable for business owners since the required forms are unsupported.
I think that is generally the case for more complex tax scenarios and certain types of returns (1120s for example). Regardless, I agree that any required forms should be included in the products.
@lauracou wrote:And yes, I have been very pissed off about this situation. I have been using Turbo Tax for my small business taxes for over 20 years. It's unfortunate that they are leaving us all in this situation.
I believe disclosure is of utmost importance; customers should be made aware of exactly what they're getting (or not getting) prior to purchasing whatever product they are planning to purchase. If a particular product will not fit a customer's needs, then that customer should be made aware of that before making the purchase.
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