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

Level 1
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6 Comments 6
Level 15

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

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
Level 15

And, are you sure it is required?

You've got average AFSI >$1 billion?

Level 15

One word (or maybe 4 digits) —-5227

Slava Ukraini!
Level 2

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.

0 Cheers
Level 15

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-...

Here's wishing you many Happy Returns
Level 2

Thank you to all who responded to my question regarding the form 4626 for 1120 Corporations.  Here is another:

As advised I completed the Form 4626 and attached it as a pdf file.  Now I am getting an error message saying:

"This submission contains a form or schedule which MeF is not accepting as a binary attachment.  Please verify whether it is valid for your submission to include the form or schedule.  If valid, complete the form or schedule in the program"

I know the error is due to the attachment because when I remove, the error goes away.  Is anyone else having this issue?