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Get your taxes done using TurboTax
If this is the first time using TaxAct and you purchased your QOZ in a previous year, I don't think there is a screen to enter the carryover information. I think you manually enter it on the form within the software. You go to the specific form and there is a way to manually enter it. I have a QOZ that is being "bought out." So, Company A will show on carryover in Part I (cuz I used TaxAct last year) and in Part IV I have to manually overwrite it (I figured out how....) with "Company B formerly Company A." That is the way TaxAct lets you do it on a fund buyout because if you show an "out and back in" it will create a taxable event. But if your fund is "bought out" the event is not taxable and you keep your timeline.
Based on what I have to do on my fund buyout, I think..... the form will allow you to "overwrite" directly on the form online in Part I. But figuring out how to get to the form is tricky. As I have mentioned, TaxAct "ain't for dummies." It's not user friendly for people who do not have Accounting degrees.
Ok, I just checked my account. Yes, I am right! It's called "Quick Entry." You do a search for Form 8997. You get a long list. Scroll down down down down down, until you get Form 8997. On Part I and Part IV you can do a "quick entry." If you have no current year additions, just go to the form online and do "Quick entry" for Part I and Part IV. You won't need Parts II and III.