Can HOAs use turbo tax to file a 1120H

[tagteam]

Form 1120-H is included in TurboTax Business (see link below), but the form has to be prepared almost entirely in Forms Mode (i.e., there is virtually no Step-by-Step guidance).

https://turbotax.intuit.com/small-business-taxes/

[MinhT1]

Yes, TurboTax Business can handle form 1120H for Homeowners' Associations.

Please read this TurboTax Help topic for more information.

[DWHOATreasurer]

The link to the help topic does not work. Are there current instructions or helpful tips for filling out an 1120H for a homeowners' association / HOA? Thanks!

[PattiF]

Here are the instructions from the IRS for Form 1120H.

[tagteam]

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@DWHOATreasurer wrote:

The link to the help topic does not work. Are there current instructions or helpful tips for filling out an 1120H for a homeowners' association / HOA? 

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The instructions are not all that helpful (rather bare bones) and any tips you get may be misleading or inaccurate.

An HOA can report on Form 1120-H or Form 1120. Which is better for your specific situation needs to be analyzed and you might want to contact a tax professional for that purpose.

See https://taxexperts.naea.org

[DWHOATreasurer]

I just finished using TurboTax Business to prepare an 1120-H and a state return. There still are no walk-through instructions. If I had it to do again, with only the most dirt-simple information to report and the prior year's return to copy from, I would save the money and use paper forms. For anything more than the simplest return, the best option would be to use a CPA because at least there you would get specific advice for your HOA's situation. TurboTax Biz was not worth the money without offering interview questions, IMHO.
Note: if you also use QuickBooks and want to file an 1120-H, do not import data from QB. TT will fill out form 1120 for you but not form 1120-H, and you'll end up having to delete 1120 form pages and manually enter numbers in the -H form.

[sdrofdeb]

Turbo tax business had me download the NC State form 1120 /1120/H .  I only completed the 1120 H information and it did fill out the NC CD 405 form which is all zeros.  A Corporation is required to file a state return even if no taxes are due.  My question is how do we know turbo tax is accurate for state when filling out the 1120H in forms?  While the HOA is just a net zero in terms of owners paying and in and then paying for all the common expenses, the HOA does own common property and therefore has a balance sheet.  So wondering if filing the State form without any other detail is correct from turbo tax?

[HopeS]

Please see the link below regarding North Carolina HOA Returns. You might be able to find helpful information in this link.

NC HOA & Condo

Another option is to use a local CPA to assist with your HOA tax returns

filings.

@sdrofdeb