I need to attach a Form 5471 to my Federal return. Does this mean I can only file by mail? Also, can I file by mail and elect to have my refund deposited into my bank?

[DoninGA · Accepted solution]

A 5471 Information Return of U.S. Persons With Respect To Certain Foreign Corporations is not supported by the TurboTax personal tax preparation software.  To attach this form to your personal tax return you must print and mail the tax return.  A tax refund can be direct deposited with a mailed personal tax return.

IRS Form 5471 - https://www.irs.gov/pub/irs-pdf/f5471.pdf

IRS Form 5471 instructions - https://www.irs.gov/pub/irs-pdf/i5471.pdf

[IrwinRShyster]

Does this mean one could use TurboTax to prepare the standard personal return, print it out, and attach a manually prepared 5471 form?  Or does this mean that TurboTax cannot be used at all in this case since there are fields from the 5471 that need to be filled in on the personal return, and TurboTax doesn't support that?

[lilip2016]

was this question answered? I have the same question.

[IrwinRShyster]

no, but still holding out hope for a response.  I've started my return with Turbo Tax but don't know if 5471 is completely standalone or not. Does anybody know?

[DoninGA]

Since none of the information from the Form 5471 is entered on your personal tax return, then you can use TurboTax to prepare and file the tax return.  The Form 5471 is attached to the personal tax return when the return is mailed.

[h8taxes]

Have a follow-up, can I efile my 1040 and state taxes and then later printout the efiled 1040 to mail with my 5471?

[rfryan2000]

Why is it that TurboTax doesn't provide these forms? I've been using it for almost 20 years, since it's beginnings and it seems absolutely absurd that after all these years they haven't been able to include this and 8865 or the other forms mentioned regarding forms... Any ideas?

Why doesn't TurboTax allow us the simple option of attaching a completed pdf file(s) to our electronic submission?

On another note, I submitted my return electronically and obviously didn't include my 5471 or 8865... can they be submitted separately with a cover letter?

[DoninGA]

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@rfryan2000 wrote:

Why is it that TurboTax doesn't provide these forms? I've been using it for almost 20 years, since it's beginnings and it seems absolutely absurd that after all these years they haven't been able to include this and 8865 or the other forms mentioned regarding forms... Any ideas?

Why doesn't TurboTax allow us the simple option of attaching a completed pdf file(s) to our electronic submission?

On another note, I submitted my return electronically and obviously didn't include my 5471 or 8865... can they be submitted separately with a cover letter?

---

TurboTax does not support Form 5471 and Form 8865 as so few taxpayers require these forms. 

See this TurboTax support FAQ for forms not supported - https://ttlc.intuit.com/community/forms/help/which-irs-forms-are-not-included-in-turbotax/01/25551

The IRS will not accept PDF attachments to an e-filed federal tax return.  If attachments are required the federal tax return has to be printed and mailed.

A Form 5471 and Form 8865 are attached to the tax return that is being filed, either personal, corporate or partnership as required by the form instructions.

[rfryan2000]

Thanks for your thoughts. 

Whether or not tons of people need these forms does not mean TT shouldn't put in the effort to create and support them. Sorry, but I think this is sad considering I've been using TT for over 20 years and think they should have every form available. Time for them to be best, not second or third...

[cabe-franklin]

I agree and have said so on other 5471 posts. The IRS is only going to get more interested in this topic and it is a big gap if TTax users can't rely on intuit to keep the product current. Next year I will check who has the 5471 before I choose my tax software - I cannot stand the thought of manually typing into all these PDFs for one more year.

To factually answer the OP, you can't efile any part of the Federal return if you have to file a printed 5471.  I'm not sure about state rules - for my home state, even though they don't require the 5471 and e-filing is legally required, TTax won't let me efile my state return unless I have efiled the Federal.  So TTax is forcing a bunch of extra postage and printing and waiting and wondering on its customers, with its current stance/laziness on this topic. 

[J-MS]

My 2 cents after reading the thread and based on my limited understanding: even though form 1040 does not seem to be linked to any fields on form 5471, it seems there are fields on 1040 that might depend on information on 5471, such as dividends earned from net income of a foreign entity the taxpayer is a shareholder of. Therefore, even though someone could use turbo tax to prepare the 1040, caution should be taken to capture on it any related data from other forms.

[rfryan2000]

Yes, you're absolutely correct...

What is most important is that, dare I say it trying my best to be diplomatic and kind, the administrators at TurboTax should stop being so sadly lackadaisical and obviously lazy. That's not to say that everything including adding this form is snap-your-fingers easy.

Nonetheless, the effort to completely make their product the best is worth every ounce whereas the clear attitude that "there aren't enough people using it to make it worthwhile" is exactly what destroys companies, no matter how big they are. 

This attitude is exactly the basis of socialism and communism. Furthermore, this innocuous, not innocuous, thought process is exactly what destroys the capacity of any group to be their best, except under the threat of personal injury. Therefore, if TT doesn't do it even for a group of us who are being honest to aim to submit all requested forms, then they have fallen to this destructive path and exactly what our forefathers warned us about tyranny and its eventual outcome, exactly as little children do because its work. Ironically, isn't that what we pay TT for?

TT, I was the President and CEO of a publicly traded company and have seen this first hand. It isn't the right thing nor a good choice. I hope I can convince you that it would be well worth your time and money to work with me and/or others to become better, if not the best, before relinquishing yourselves to the eventual self-destructive outcome we see on the horizon.

Thanks for reading my/our input, your understanding of these points, and I truly would be interested in helping you and look forward to being contacted by you toward helping you continue to build a better end product and increasing customer value and satisfaction.

All the best,

   Dr. Ryan 

[rfryan2000]

Thanks and while what you wrote is what we already understand and noted, it does NOT obviate the correct response by TT. They are inherently happy to rely on last year's product with unnecessary holes in it greater than reasonable because it would take time... and the point is? This is lazy, not caring about the needs of the customers nor the requirements of the IRS tax code just because it comes dressed in overalls and looks like work. I'm certain that in your level 15 position it is inherently obvious that TT has had decades to accomplish this and yet hasn't. Then if they don't care about their customers' needs, then why don't they throw in the towel and quit? Maybe they should.

In fact, this is much like the attitude of the TaxAudit.com people who had one wonderful woman who was phenomenal, helping me successfully complete a 2012 audit, but by the next time and the people changed with insufficient actual workers, mostly useless "EAs," and I was audited by Maryland for 2017, 18, and 19, simultaneously, TaxAudit totally dropped the ball, refused to provide me logs of their effort to contact, let alone interact with MD, and then ran into the caverns never to be heard from again, I won't recommend them again to anyone. Bad service and a desire to take our money and run. Miserable.

The point is that value of anything is created, not leaned on by a company who cares about it's customers/end users. In my opinion after using them for over 20 years, it's decades past time for TT to step up and improve, particularly when the end users request it and competition is not sitting on their laurels and making efforts and advancing.

[rfryan2000]

In rethinking about this question, I believe that one could complete a full return, submit it, and later if requested in an audit provide the paperwork, unless it has a substantial material impact on the return, or once it was discovered, the person could submit a 1040X and mail it with the completed 5471.