- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Why doesn't TurboTax answer the qualified opportunity fund question at the top of Schedule D?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Why doesn't TurboTax answer the qualified opportunity fund question at the top of Schedule D?
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.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Why doesn't TurboTax answer the qualified opportunity fund question at the top of Schedule D?
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?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Why doesn't TurboTax answer the qualified opportunity fund question at the top of Schedule D?
- 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.
Still have questions?
Or browse the Forums