DXS
Level 3

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.