5 Ways To Fix Form 8960 Error In Turbotax

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The Form 8960 error in TurboTax can be frustrating, especially when you're trying to meet the tax filing deadline. The Form 8960, also known as the Net Investment Income Tax (NIIT), is used to calculate and report the NIIT on certain types of investment income. In this article, we'll explore five ways to fix the Form 8960 error in TurboTax and get your tax return back on track.

Understanding the Form 8960 Error

Before we dive into the solutions, it's essential to understand what the Form 8960 error is and why it's occurring. The Form 8960 error typically occurs when TurboTax is unable to calculate the NIIT correctly, resulting in an error message. This error can be caused by a variety of factors, including incorrect or incomplete information, incorrect calculations, or issues with the TurboTax software itself.

Method 1: Check and Correct Your Investment Income

One of the most common causes of the Form 8960 error is incorrect or incomplete investment income information. To fix this, follow these steps:

1. Review your investment income statements, such as 1099-DIV and 1099-INT forms, to ensure accuracy.
2. Verify that you've entered all investment income correctly in TurboTax.
3. Check that you've accounted for all applicable deductions and exemptions.

By ensuring the accuracy of your investment income, you may be able to resolve the Form 8960 error.

Method 2: Update Your TurboTax Software

Sometimes, the Form 8960 error can be caused by an outdated version of TurboTax. To fix this, follow these steps:

1. Check for updates to your TurboTax software.
2. Download and install the latest version.
3. Restart TurboTax and attempt to file your tax return again.

Updating your TurboTax software may resolve the Form 8960 error and allow you to file your tax return successfully.

Method 3: Use the TurboTax Form 8960 Worksheet

TurboTax provides a Form 8960 worksheet that can help you calculate the NIIT correctly. To use the worksheet, follow these steps:

1. Go to the "Taxes" tab in TurboTax.
2. Select "Investment Income" and then "Form 8960."
3. Click on the "Worksheet" button.
4. Complete the worksheet according to the instructions.

By using the TurboTax Form 8960 worksheet, you may be able to calculate the NIIT correctly and resolve the Form 8960 error.

Method 4: Contact TurboTax Support

If you've tried the above methods and still encounter the Form 8960 error, it may be time to contact TurboTax support. You can reach TurboTax support by:

1. Visiting the TurboTax website and clicking on the "Help" tab.
2. Calling the TurboTax support phone number.
3. Using the TurboTax live chat feature.

TurboTax support can help you identify the cause of the error and provide guidance on how to resolve it.

Method 5: Seek Professional Help

If none of the above methods resolve the Form 8960 error, it may be time to seek professional help from a tax professional. A tax professional can review your tax return, identify the cause of the error, and provide guidance on how to resolve it.

By seeking professional help, you can ensure that your tax return is accurate and complete, and that you avoid any potential penalties or fines.

Additional Tips

In addition to the above methods, here are some additional tips to help you avoid the Form 8960 error in TurboTax:

• Ensure that you've accurately entered all investment income and deductions.
• Review your tax return carefully before filing.
• Use the TurboTax audit detection feature to identify potential errors.
• Consider seeking professional help if you're unsure about any aspect of your tax return.

By following these tips and using the methods outlined above, you can resolve the Form 8960 error in TurboTax and ensure that your tax return is accurate and complete.

We hope this article has helped you understand the Form 8960 error in TurboTax and provided you with practical solutions to resolve the issue. If you have any further questions or concerns, please don't hesitate to comment below.