Why is IRS Form 461 missing?

Forum|Forum|4 years ago
March 20, 2022
1 reply
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I own Turbotax Desktop Home & Business.

In the forms section it seems to be missing IRS Form 461 which is needed if your business losses are over $262,000.

Otherwise Turbotax doesn't limit your business losses against nonbusiness income.

Where is that form?

Do I have to use another software?

Any help is appreciated

TurboTax Home & Biz Windows

DoninGA

Level 15

TurboTax does not support IRS Form 461, Limitation on Business Losses

Go to this IRS website for the Form 461 - https://www.irs.gov/pub/irs-pdf/f461.pdf

Go to this IRS website for the Form 461 instructions - https://www.irs.gov/pub/irs-pdf/i461.pdf

andrew5912

Level 2

What is the recommended work around for the fact that TT does not modify SCH 1, Ln 8o with the f461 Ln 16 entry?

The inference here is that TT lack of support for f461 requires paid subscriber to manually complete f461 and then........???? Does that mean the subscriber must then manually complete the entire 1040 and Sch 1??

Thank you,

Andrew

TV107Author

Level 2

go to forms section of TT for schedule 1 in the 1040, go down to line 8o, click on the magnifying glass, then click on it again on the page it takes you to, and then you should finally get the place where you manually input the form 461 line 16 value ---- so at the very least the 1040 will be correct with the EBL, but looks like it's a paper file required if you use turbotax cause no way to add form 461 to e-file