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Level 2

Question

form 8621

Forum|Forum|4 years ago
January 27, 2022
8 replies
2 views

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

Level 15

Did you enter a K-1 form ?

lizblinAuthor

Level 2

jmckd

Level 2

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.

@JillS56 I have tried everything under the sun and have zero investments or 1099s or anything except wages earned in the US. I spent over an hour on Sunday with someone at Turbotax and they even had level 2 experts help. There is no explanation on why I would need a form 8621. The main reason that I use Turbotax is for efiling. I was told at the end of my conversation that maybe the IRS hasn't released this form to Turbotax for my state yet. Again, I don't need this form...

Maybe I need to go back and restart an entirely new return, which of course, really stinks and what if it doesn't work...

hawaiirancher2018

Level 2

I'm having the exact same issue as lizblin.

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

RobertB4444

Level 15

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.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

bc6653

Level 2

Thanks, I will give it a try.

hawaiirancher2018

Level 2

Spent over two hours with a very knowledgeable Specialist- Tajey, regarding this issue. SHE TRIED EVERYTHING UNDER THE SUN!!!!!!!!!!

not to mention working with five other specialist before her.

bottom line -turboTax needs to fix this problem. I think there’s something wrong with their 2021software program .

DWebb2

Level 2

Apparently this years version of Turbotax randomly pulls up forms that it requires us to fill out. To delete an unwanted form, 1) click on 'View' on the top row. 2) Then select 'Forms'. Do not bother looking at this list as these are just the filled out forms for your return. You need to see all IRS forms. 3) So find & click on the 'Open Forms' icon at the top of that window. 4) Once the full list of all forms opens up, find form 8621. 5) Once form 8621 has opened, click on the 'Delete Form' button at the bottom.

doncor799

Level 2

Turbo tax does not support 8621 so there is no form.

Anonymous

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

doncor799

Level 2

Thank you Karlintexas your solution worked and I efiled today.

glendlelee

Level 2

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 . . ."

krichardson1

Level 2

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.

lunder211

Level 2

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

Level 15

@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.

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.