form 8621

[lizblin]

When reviewing my return, turbo tax says I need to file a form 8621.  I have no information that needs to be reported on this form. Where did it generate from so I can remove this problem?

TIA

[Critter-3]

Did you enter a K-1 form ? 

[lizblin]

no

[RobertB4444]

Some question that you answered has made the program think that you had income as a shareholder.  Go to the section of Wages & Income for investment income and click the little garbage can to the right of the form the program created.  If that doesn't work you can delete the form directly-

 To Delete a form:

1. Select Tax Tools from the menu on the left

2. Then select Tools

3. When the new menu pops up select Delete a Form

4. You will see a list of all the forms in your return

5. Find the form that you want to delete (8621, K-1)

6. Select the Form

7. Click Delete on the right  

Tax forms are interconnected.  While you are in this screen don’t start deleting forms you don’t recognize.

[Trentonwestphal]

I am having the same issue. there is no form 8621 or K-1 filed. any help?

[DaveF1006]

Tax form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, is used to report income from foreign mutual funds, also referred to as passive foreign investment companies (PFICs). Are you reporting  Foreign Mutual Funds information in your return? If not, then do as robertb1326 suggests.

1. Select Tax Tools from the menu on the left

2. Then select Tools

3. When the new menu pops up select Delete a Form

4. You will see a list of all the forms in your return 

5. Find the form that you want to delete (8621, K-1)

6. Select the Form

7. Click Delete on the right  

[jmckd]

I have this same error message but do not have this form at all in my forms.  I cannot get beyond this to file electronically.  Very frustrating.

[bc6653]

I have the same error message, but when I reviewed everything,  I can't find any errors in my forms that would trigger the error message. I have tried to use your suggested method but I am unable to get to the suggested fixes.  I have been entering the same basis information for a number of years and have not run into this before.

[JillS56]

TurboTax does not support form 8621 so you will be unable to delete Form 8621.   To fix this problem you will need to go back through your return and see what you answered that might have triggered TurboTax to think you have a passive foreign investment "PFIC".  TurboTax is telling you that it cannot handle your return.   Here is a link with more information on What IRS Forms are not included in TurboTax.   Most likely the question would be in the investment income section.

If you go through these steps and are still having a problem, come back, and
we can see if there is another way we can help you find where the issue is.

[hawaiirancher2018]

I'm having the exact same issue as lizblin.  

Help please, I can't move forward unless Turbox Tax fixes the problem!!!!!

[RobertB4444]

If you can't find the question that you answered to generate this error then go back to your investment income and delete everything and re-enter it.  Pay careful attention to the questions related to your income to be sure that you do not tell the system you have any foreign earned income.

[bc6653]

Thanks, I will give it a try.

[bc6653]

Per your suggestion I went back and deleted and reentered the income information.  I am still gtting the same error message at the end.  I thought initially that it had to do with my failure to do the double entry for the type of distribution.  That is not the issue.  any other suggestions?  I am starting to wonder if I should start from scratch.

[RobertB4444]

I am betting that there is some pass-through income on a 1099-DIV that is triggering this somewhere but I can't tell without looking at your entries.

You are probably better off having someone walk through the return with you to look at your entries so I recommend getting live expert help.

Here is a link to finding a TurboTax expert.

However, that requires upgrading your product which may be an expense you don't want.  In that case you can call an expert and ask questions over the phone.

Here is a link to the TurboTax Phone Number.

[bc6653]

Thanks for your assistance