Form 8960

[jsanders56]

Please tell me if you know how to make adjustments to Form 8960 line 5c. This is for a capital gain that is not subject to the net investment tax.

[tagteam]

If you have a desktop version of TurboTax, you can make the adjustment in Forms Mode.

[jsanders56]

Thank you for your response.  I am using the online version of TurboTax.  Please let me know if anyone has a solution for changing Form 8960 line 5c when using the online version.

[tagteam]

Take a look at the thread below (it's old).

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-do-i-enter-someth...

[jsanders56]

Thank you.  Unfortunately there is no longer an option for miscellaneous tax forms under Other Tax Forms.  Let me know if anyone knows where this has moved under the current version of the online software.

[DoninGA]

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@jsanders56 wrote:

Thank you.  Unfortunately there is no longer an option for miscellaneous tax forms under Other Tax Forms.  Let me know if anyone knows where this has moved under the current version of the online software.

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No sure which TurboTax program you are using, but on the 2023 desktop editions, in the Other Tax Situations section under Other Tax Forms, there is a line item for Miscellaneous tax forms - 

Desktop 

For the 2023 online editions the line item for Additional Taxes and Repayments is under Additional Tax Payments

[tagteam]

I don't see where a user can make a Line 5c adjustment in that section, @DoninGA 

[DoninGA]

I did not investigate whether a line 5c adjustment could be used (My Bad).  Only that the section noted in the link you provided could be accessed, either using the desktop or online editions.

[tagteam]

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@DoninGA wrote:

I did not investigate whether a line 5c adjustment could be used......

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Yes, I think 5c can only be accessed in Forms Mode directly on Form 8960. 

An explanatory statement is required, so a return with that adjustment might have to be printed and mailed when using TurboTax, regardless.

[jsanders56]

Thank you.  Can you tell me how to access Forms mode using the online software?  I am a first time user.

[tagteam]

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@jsanders56 wrote:

Can you tell me how to access Forms mode using the online software? 

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Only the desktop versions of TurboTax support Forms Mode.

If you have a machine with the requisite specs, you can switch from online to desktop.

[jsanders56]

I don't want to change to the desktop version as I have already paid for the online version.  Let me know if anyone has any other ideas for making manual changes to either line 5b or 5c on Form 8960 using the online version.

[VolvoGirl]

If you paid for Online, support should be able to put the Desktop program in your account.  Call in and ask nice.

If you do get the Desktop program.......First save the tax file from Online
https://ttlc.intuit.com/community/saving/help/how-do-i-save-my-turbotax-online-return-as-a-tax-data-...

You need to install the program on your computer and move your online return to the Desktop program. How to switch…….
https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-switch-from-turbotax-online-to-th...

After you get the program installed the first thing to do before you open your tax return .tax file is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW).

[tagteam]

@jsanders56 

If you don't want to switch to a desktop version of TurboTax, then you're stuck with respect to Line 5c on Form 8960 as that line can only be adjusted in Forms Mode (supported by desktop versions only).