form 8941......

How do I enter my data for form 8941 into turbo tax form 1120S
  • This is a good question and I have been waiting to chat with someone in support for 35 minutes.  The form is in the program but there is no
    t GPS to guide you through it.  I hope they are getting this fixed.
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The hard cold answer is that Turbo Tax Business does not support data entry for Form 8941 - Small Business Health Insurance Tax Credit.  Form 8941 and the worksheet is in the forms section of the program.  It appears to do the math but there are things you have to look up in Rev. Rule Q2010-13 in order to complete the worksheet and  form.  Then, you need to check the K-1 to make sure that the credit was properly posted.  (I haven't gotten that far yet, but I would be surprised if the credit was automatically posted to the K-1.)  I am still looking around to see if the credit that is calculated on Form 8941 needs to be posted on Form 1120S.  If you know, I would appreciate your wisdom.

I will be contacting Intuit to demand that they update the program to include the small business health insurance tax credit ASAP.

Good luck.
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    The entire Form 8941 process is below.  Once you have completed these steps, TurboTax will automatically carry the amount to 1120S Schedule K, line 13g (Other Credits) as Form 8941 Health Insurance Premiums Credit (Code P).  Likewise, it automatically carries it to line 13 of the K-1.

    1.  Click on "Forms Mode" in the upper right hand corner.
    2.  Click on "Add or View Form"
    3.  Type in 8941into the search box, it will bring up the form, and the related worksheet.
    4.  Double click the worksheet.
    5.  Complete Form 8941 Part I - Worksheet 1.  This will auto-fill parts II & III.
    6.  Complete Part IV - Worksheet 4.  This will auto-complete Parts V - VII
    7.  Click on Form 8941 in the "Forms in My Return" section on the right.
    8.  Review the Form.  Depending on the type of entity, TT has now transferred data to the appropriate form.  
         This includes Schedules K & K-1 for S-Corps and P'ships.
    • 8941 is not listed in the forms list today.   Looks like there maybe an update after Feb 5th
    • Form 8941 still does not work after the update?
    • I wonder if this problem has been fixed yet.  I have updated my forms as of 2-14-11 but when I go to form 8941 it appears to allow me to enter information but as soon as I move to the next box the information disappears.  Anyone else had success?
    • The worksheets for form 8941 were previously working fine.  It was deducting the amount of the credit from employee benefits even!  That really surprised me that it automatically made the deduction!  That is awesome!  It was carrying over to the K-1 perfect.  Then I updated today, and it wiped out all my data now it won't accept any information on the form 8941 worksheet so obviously there is a glitch in the program that turbo tax needs to correct.
    • Alright, so it sounds like everyone else is having the same problem I am.  Is there anywhere you can contact customer support about program/update bugs?  I have been waiting on a chat, but no one seems to be there.
    • The only thing I can suggest is that you call the Business customer service number or send an e-mail.  The feds released new forms on Feb. 12.  I have not be able to complete and file my returns because we have been waiting for the forms.  Intuit may have rushed the forms into the program so that people could file their returns and haven't gotten around to fixing Form 8941 yet.  At least, I hope that is the explanation because I had completed Form 8941 a week and a half ago.  I would hate to open my program, have it automatically update and lose all my data.  For now, I am waiting for TurboTaxShawn to post something again about this problem.
    • This is completely frustrating.  I called TurboTax support, and someone who didn't seem to know what they were talking about said that I had to show positive income for the tax credit questions to appear.  This doesn't sound right.  I think Turbo Tax needs to update.
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    Everyone facing this issue should call TurboTax and have them put in an incident report.  That's the only way that they will try and update the program.
    • I too am having the same problem with getting TT  for Business allow me to enter data into Form 8941 for my Sub S Corp.  I just called Turbo Tax and they said there is another update coming through tommorrow 02/17/11.  Their record show that Form 8941 is working properly.  I will wait until tommorrow, update my program and hopefully it will be working.
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    I stayed online for an hour with the Chat feature and reported the problem two days ago.  They filled out an incident report.  The Form 8941 is working properly with the Home and Business software but not with the 1120S Business software.  If anyone else contacts them, then please clarifty.  I have not seen an update yet on 02/17/11.
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      8941 worksheet still does not accept data in Business 1120S.
      • I was on hold for 20 minutes and finally spoke with someone.  TT is aware of the problem and is working to resolve it.  The update on 2/17 that I was told would resolve the problem did not work..  Now I am not even able to load the form into my tax return.  They said that an e-mail would be sent to me when they fixed the glitch.
      • I downloaded the updates today, and the problem has been fixed.  Turbo tax has done a wonderful job with the health care credit I have say.  I calculated the credit by hand and research how it should flow on the return.  Once you put in the employee's name on the 8941 worksheet and the employees hours and wages and the amount of insurance premiums it calculates the credit correctly.  Then it reduces employee benefits by the amount of the credit, makes a M1 and M2 adjustment for the amount of the credit and takes the credit to the proper line on the K and K1 with the code P.  Great job Turbo Tax!!
      • The lastest update fixed all problems.
      • I submitted the same question in a different thread.  I eventally just put in the figures on Form 8941 by overide and when the fix finally happened on 2/21 they were identical so it is OK.  Two things about this experience bother me about TurboTax which I have used for several years for my 1120S without problem.

        1.  When I first tried to do the return in January and opened Form 8941, TurboTax did not have the worksheets, only the Form and when you hit "help" it gave a message that the IRS had not released information on how to prepare the return even though if you went to the official website IRS.gov., all of the instructions were there including the worksheets so somebody at TurboTax clearly dropped the ball.

        2.  Using the date of posting of this thread (which was a couple days before my post) it took a lot of telephone calls and complaints and two weeks to fix the problem with the worksheets not accepting the information (when you typed in data and went to the next line all the previous data was cleared out)  even though the instructions and worksheets were available from the IRS for at least two months.

        I question if this is acceptable actions and time frames?  While still within the filing deadlines, it has delayed sending out the K-1's to  the shareholders even though the information has been available from the IRA for two months.
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