Closing this out, I was able to elect the deferrals in TurboTax with the aid of overrides (which forces paper filing).
Federal:
- Step-by-step: Add a sale. Select "No 1099-B". Choose everything else. Add the OZ election as described in form 8949 instructions. (only question that is relevant will be name (use the EIN), disposal date, and whether you acquired over a year ago. Blank out everything else)
- Go to forms; find the 8949 with the OZ election. For the OZ row(s), use overrides to wipe columns d, e, and f. Insert the actual OZ amount in column G. Add code Z to column F.
- Validate tax was altered as expected
State:
For CA (which doesn't conform), I went to the State schedule D (D(540) and in the smart worksheet, checked the box (under sales price) in the OZ rows. This led to the OZ deferrals being excluded from the state capital gains worksheet.
