Question

Safe Harbor Election Notification

Forum|Forum|2 years ago
January 12, 2024
1 reply
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I plan to use the Safe Harbor for Small Taxpayers and my guidance states I must inform the IRS of my election to do so by attaching a note to my tax return. The note states that I am making safe harbor elections for a property with the address provided. How can I inform the IRS of my safe harbor election with an electronic filing? Does TurboTax do that automatically based on answers that complete Form E?

T

ThomasM125

I believe you may be referring to the safe harbor election to expense assets purchased whose cost is $2,500 or less. If so, you will see these screens in TurboTax, and once you enter "yes" the required election notice will be included with your e-filed tax return.