Feedback to TurboTax - form 8621

Forum|Forum|4 years ago
April 17, 2022
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This year, for the first time since I have been using TurboTax, I need to file form 8621. In my specific situation, I will be filing this form for some number of years. As it stands now, that makes me have to file all of my returns by paper, so that I can manually add this form to my paper return, even though I am using TurboTax. All of my returns that is, Federal and two states. That is ridiculous. I have been a TurboTax user for several years, and even bought shares of the company. But this lack of capability has me rethinking what I should do for next year's taxes. I see that there are options out there that will support form 8621, such as TaxAct. Either TurboTax adds the capability, in some way, to handle form 8621 going forward, or I will have to seek out alternatives. I certainly will not buy the software again without checking the status, and my options, in regard to this capability.

SDun12

I would be surprised if TurboTax added this form. Honestly, nearly all taxpayers required to file this form shouldn't be doing it themselves. It is an extremely complicated form. I think TaxAct's support for the form is limited to some small number of entries, which is almost impossible for anyone who has PFICs since you have to report every transaction on a per share basis. TurboTax is aimed at the masses, and 8621 isn't a form that many people file. It's an awful lot of complex programming for a form only a few people need (who will probably all screw it up, and them blame the program.) Huge liabilities there, too, if it's done incorrectly.