form 8621

[doncor799]

Thank you Karlintexas your solution worked and I efiled today.

[hawaiirancher2018]

Hi KarlinTexas-

OMGosh!!!!!

Your solution worked-what a genius you are!

 Thank you soooo much.  I sure hope the specialist for TurboTax can see this message because there are so many people out there with this problem. 
TT needs to fix their software.

[hawaiirancher2018]

Thank you!!!

your solution worked and I was able to e-file yesterday. Spoke with 7 TT Specialist and none of them could figure it out.

You’re a GENIUS!!!!

Grateful:)

[JHW103]

Same issue here! I checked everything, but couldn't solve the problem!

[JHW103]

Thank you Karlintexas your solution worked!!!

[glendlelee]

Turbo Tax

doing my 2021 taxes, and Turbo request that I complete IRS tax form 8621 for foreign account!

I don’t have any Foreign investments!

Please Advise!

If this is a program error please advise the corrective action to take👀!

Glendle L F

[Address Removed]

Glendale Arizona 85301

[phone number removed]

[email address removed]

[Anonymous]

Hi Glendle  I posted possible solution  ( a month or so ago.)  It worked for me and a couple of folks.  Maybe follow it step by step and  see if it works for you.   I am reposting in case you missed it.  I think I put some zeroes in the worksheet by mistake.   Best,  Karl

I had same problem very frustrating. I think I entered some Zeroes on the 1040 worksheet by MISTAKE. I found possible SOLUTION that worked for me:

1. Open Form 1040/1040SR Wks

2. Scroll down to the TAX SMART WORKSHEET section

3. Go to entry for "Letter J Form 8621 tax deferral from line 9c . . ."

4. If it is "0" replace it using the Space Bar and SPACE over the entry. (I think Turbo Tax program sees the Zero and thinks you need to file a form even if it is zero). So it should be BLANK no entry at all - NO Numbers.

**Look for other zeros on the Tax Smart Worksheet and space over them as well if you don't have a form filled out! Seems Turbo Tax will see a zero with any Form reference and then will look for the Form. Hope that helps. Karl

[krichardson1]

Hi everyone,

I had the same problem.  Go to your forms and look at the 1040/1040SR worksheet.  Under the tax smart worksheet, there are entries for Form 8621.  Make sure that there is no amount, not even zero.

I deleted the zero and the error message was corrected.  Hope this helps.

[mwg2]

karlintexas you are a genius! This is such a frustrating issue. However, I found several lines referencing Form 8621 which had zeroes and had to clear all of them. Problem solved!

[lunder211]

I was unable to use Turbotax for 2021 because of Form 8621 was required and I could not file electonically.  Will this still be required in 2022.  Shell Oil is the only foreign asset I have and it was purchased years ago thru a local broker.  Pleas advise.

[DoninGA]

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@lunder211 wrote:

I was unable to use Turbotax for 2021 because of Form 8621 was required and I could not file electonically.  Will this still be required in 2022.  Shell Oil is the only foreign asset I have and it was purchased years ago thru a local broker.  Pleas advise.

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TurboTax does not support IRS Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.

If you are required to submit this form with you tax return the return will have to be printed and mailed. 

Attach Form 8621 to the shareholder's tax return (or, if applicable, partnership or exempt organization return) and file both by the due date, including extensions, of the return at the Internal Revenue Service Center where the tax return is required to be filed.
If you are not required to file an income tax return or other return for the tax year, file Form 8621 directly with the Internal Revenue Service Center, Ogden, UT 84201-0201.

[treasure hunt]

Any improvements on TurboTax 2024 supporting Form 8621?

[DoninGA]

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@treasure hunt wrote:

Any improvements on TurboTax 2024 supporting Form 8621?

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According to the list of forms/schedules supported for tax year 2024, the Form 8621 is not one of them.

https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...