I purchased a Qualified Opportunity Zone fund using cap gains distributions. How do I account this in Turbo Tax (see form 8996)?

TurboTax does not support the Form 8996, unfortunately.  

You can download the form from the IRS.  Click here:  https://www.irs.gov/forms-pubs/about-form-8996

You would use Form 8996 to certify that the corporation or partnership is a qualified opportunity fund (QOF).  It is also used to annually report whether the QOF met the investment standard during its tax year.  

Form 8996 is the tax form for the corporation or LLC established to invest in an Opportunity Zone.  How does an individual taxpayer defer capital gains tax on form 1040 for investments made into the Opportunity Zone corporation or LLC during 2020 tax year?

For individual filers who invested in a Qualified Opportunity Zone Fund, the IRS indicates that the capital gains to be deferred in 2020 should be reported on Schedule 8949, with an adjustment made to the gain or loss using code Z in. column (f).   TurboTa supports Schedule 8949.  Does it support reporting an adjustment using code Z?

So, I understand that years previous to tax year 2021, Turbotax had NO support for 8997 or deferrals under 8949.

I've just been told by tech support that they heard from an internal support that Turbotax 2021 WILL have support fo 8997 even though I just downloaded a copy, and it does NOT yet have support.

I'm trying to avoid purchasing a different company's software, so if anyone has any information on 2021 or FUTURE tax years support for QOF investing (form 8949 deferral and form 8997) INCLUDING efile, please reply here.  THANKS!

It looks like for 8949 is included in the download/desktop version however, form 8997 is not listed as a form that is included.  You can click on the link below to check for updates on included forms. 

Tax forms included with TurboTax CD/Download

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@stajuddin wrote:

I've just been told by tech support that they heard from an internal support that Turbotax 2021 WILL have support fo 8997 even though I just downloaded a copy, and it does NOT yet have support.

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Personally, I have no inside information regarding future support for the form. However, I would tend to think they would at least list 8997 in the forms availability table if support is forthcoming.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.html

Apparently, they do not support QOZ deferrals in form 8949 and have no plans to include 8997.  At least not that the tech support that I spoke with.

i have to amend my 2021. i left out my opportunity zone   because this form  is not included and i filed late with extension.  now i will have to amend and will never use them for not having the needed form.