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Level 3
May 20, 2024
Question

Form 4626-if this form is required for year 2023, why is it not included in proseries??

  • May 20, 2024
  • 3 replies
  • 9 views
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3 replies

abctax55
Level 15
May 20, 2024

NO software includes *all* forms.  Not even Lacerte, or Ultratax.

HumanKind... Be Both
sjrcpa
Level 15
May 20, 2024

And, are you sure it is required?

You've got average AFSI >$1 billion?

The more I know the more I don’t know.
Level 3
May 21, 2024

No my clients do not have average AFSI>$1bill nor do they meet the safe harbor method; however, as I researched further I began to read about the penalties of not filing Form 4626 and wondered if I was understanding the changes or reading too much into this.  I spoke to another CPA and we agreed however his system has "defaults" and does not result in error messages. If you read Form 1120 Schedule K line 29a--answer is NO (below $1 bill) so then you go to 29c regarding the safe harbor method if answer is NO (meet the safe harbor method) then you must file Form 4626.  It seems to me that IRS is making us PROVE that the corp is NOT subject to AMT.  I just want to confirm that this is required and that I am "reading" it incorrectly.  Has anyone looked into this any further?  The issue is not the program or the fact that proseries does not have the form, although as much as we pay I would think they would include forms if required by IRS.  My question is whether we are required to include form 4626.

George4Tacks
Level 15
May 21, 2024

Hmm? The instructions say "Who Must File
Unless a filing exclusion applies, a corporation must file Form 4626 to determine whether it is an applicable corporation and, if it is classified as an applicable corporation, to calculate CAMT.
Filing exclusions. A corporation is not required to file Form 4626 if the corporation is:
• An S corporation,
• A regulated investment company (RIC),
• A real estate investment trust (REIT), or
• A corporation that is not required to file Form 4626 for the first tax year beginning after 2022 because it is not an applicable corporation under the simplified method and chooses to apply that method. "

Prepare 4626 https://www.irs.gov/pub/irs-pdf/f4626.pdf

Attach to the 1120 https://accountants.intuit.com/support/en-us/help-article/electronic-filing/attaching-pdfs-business-returns-e-filing-proseries/L3oLGQlbG_US_en_US?uid=lwggvplr

Answers are easy. Questions are hard!
IRonMaN
Level 15
May 20, 2024

One word (or maybe 4 digits) —-5227

Slava Ukraini!