I just finished using online TaxAct instead of TurboTax solely because of the opportunity zone filing issues. The online version does properly complete the tax forms. The software does not download nearly as many accounts. Nor is entering the sales of assets like stock quick. But it does the opportunity forms
copied below are the instructions.
The IRS may allow you to defer paying tax on a stock sale if the gain is invested in a Qualified Opportunity Fund.
Whether the gain is reported to you on Schedule K-1 or Form 1099-B, follow these TaxAct entry steps:
- Click Federal
- Click Investment Income to expand the section
- Click Gain or loss on the sale of investments to expand the section
- Click Capital gain or loss (Form 1099-B)
- Add a new copy
- Click Step-by-Step Guidance
- Enter the description of the QOF investment (# of shares, % interest, etc.) as the description
- Enter the EIN of the QO Fund as the description
- Enter the date the investment was made to the QO Fund as the date acquired, click Continue
- Choose Form 8949 category C for a short-term gain. Choose Category F for a long-term gain.
- Click Continue
- Do not enter a cost basis or sales proceed
- Click Continue.
- On the screen titled Investment Sales – Adjustment Code(s)choose Code Z – Deferral of gain invested in a QO Fund
- Enter the deferred gain that was invested as a negative number
- Click Continue
- Enter the EIN of the Qualified Opportunity Fund
