Does anyone know when the retirement section of fe...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

I tried both the downloaded version of TurboTax Premium 2020, and the on line version. Got the same message on both.  It's awful difficult to do year end planning when the bulk of my income can not be reported.
28 Replies
Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

I believe you can enter the 1099R info in the Desktop program using the Forms Mode.  

Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

 

The IRS is drafting new 1099R forms.  Then the software has to be programmed for them, and the IRS has to test and approve of the software.  It is a complex process because of the all the CARES changes.  It could even be a couple of months.  Meanwhile if you are trying to plan, if you have desktop for 2019 use the what if feature--but it will not have that CARES stuff.

 

 

 

Click on the REVIEW tab to see what it is and when it is estimated to be ready (when operational) ... 

 

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

·         

State Forms Availability Table for TurboTax Individual (Personal) Tax Products

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

It can be a similar issue every year...the new tax software is in such a rudimentary state, that it's not really useful for year-end planning.

 

BUT...for Anyone who uses the Desktop software every year

 

What is almost always usable for year-end planning is the prior year's desktop software (2019 desktop in this case).  IF you used the desktop software for 2019 , you could either:

1)  create a separate test copy predicting what you might be doing for 2020..but as-if it was 2019 income, or

2)  making a second copy of your actual 2019 tax return (with a new name), and then changing the values to mimic what you expect to be the case for 2020.......or....

...3)  some folks use their actual 2019 tax return, then switch to Forms Mode and open the "What-If" Worksheet, transfer the 2019 values into a 2020 column, and then change the individual values up-down to mimic what you expect for 2020, or what you might think of doing before year end....and see what happens with taxes due, or refund.

 

Of course, none of that will take any potential or past stimulus payments into account, but it would be pretty close to what you need for planning purposes. 

Level 1

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

Either get the doggone retirement section working, or I'm headed to H & R Block to get my taxes done

Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

Nobody has the retirement forms yet - not even professional software because the IRS has not even finish the forms yet - they are still in the draft state at the IRS.   The electronic version cannot be installed until the IRS releases the electronic specifications (schema) and that usually takes about 2 months after the paper version is released.    I am guessing, not before February 2021.

 

Tax season will not start until Jan 27 even for simple returns that do not need the new forms. 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Returning Member

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

For a level CHAMP that's a poor answer. Many people try to do year end tax planning. This year we will have to load a 2019 version and dummy it up with 2020 planing info.

Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

@HarryO You may not like the answer---but the original question asked was WHEN the retirement section would be ready.  We are volunteers--not TurboTax employees or IRS employees.  Several people responded to the question with the best information we have at this time.  We have no control over the IRS or the timing of the forms they are drafting.  

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 1

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

I was able to enter rough numbers for existing year 2020,  1099-R incomes by switching from the standard entry method to "view forms" method and going old school forms only.    Using the easy standard method, I was also unable to add any NEW 1099-R accounts.  I did not try going to the "view forms" and adding a new 1099-R account that way.

 

Also, I get a similar message about the Mortgage interest and Property taxes section not being ready yet.

Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."


@Terry Thompson wrote:

 

Also, I get a similar message about the Mortgage interest and Property taxes section not being ready yet.


That is correct.  The Schedule A (to report mortgage interest)  form instructions is still in the draft state at the IRS.  The estimated date for that for is Jan 21, but that is subject to change.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Level 1

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

The TurboTax update for 12/23/2020 just installed the needed updates for entering 1099-R's and also the mortgage interest and property tax section.  Bye bye, that's all I needed.

Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

hold on now! I thought they were still in draft form !!

Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

Parts of it dealing with the CARES act is in the draft state at the IRS.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Level 15

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

....and...anyone entering their 1099-R forms early, they may have to revisit each and every one after TTX implements the final CARES act stuff.     

 

Might even be safer to completely delete every early-entered 1099-R form.   One year, some carried-over blank 1099-R forms had to be deleted in late January before their entry worked properly.

Level 2

Does anyone know when the retirement section of federal returns will be ready in Turbotax? I just get the message "The retirement income section will be ready soon."

When doing an early for year end tax planning analysis, if a particular form is not available, I generally just enter the amount as miscellaneous income. That won't work for SS but it will be good enough for almost all other retirement income (pension, IRA, 401k, etc.) provided you know the taxable amount of each.

Dynamic Ads
v
Privacy Settings