TurboTax does not support the reporting of deferring tax on an eligible gain by investing in a Qualified Opportunity Fund (QOF), by using Code “Z” in column (f). The program does not support the reporting of the amount of eligible gain that you previously deferred and now need to recognize by using Code “Y” in column (f).
Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments, is a new form for the tax year 2019. Form 8997 is used to report holdings, deferred gains, and dispositions of QOF investments and is not supported in TurboTax personal products.
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So if Turbo Tax doesn't support this, what are our options? Enter it manually on the form itself? And then file it manually? Or do I need to find another tax software and no longer use TurboTax?
- Do it manually and mail the tax return.
- Find other software that actually updates their software to accommodate MAJOR law changes from over a year ago.
- Go to a tax professional.
Personally, I would advise AGAINST #1.