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Per TurboTax Updates, the Form 8606 will not be available until 2/12/2020. It is important to file this form. Without this form, IRS would not know what your total nondeductible amount of the IRA contribution is so to verify your nontaxable portion of the distribution or rollover. To see why, click here Form 8606 to read a post by user BMcCalpin for an explanation.
To see why the form is not yet available in TurboTax, please continue to read:
The fact that the forms are available on the IRS website has nothing to do with any tax software program. The forms are available if you are going to download from the IRS to complete it on your own. However, e-filing is different. Once the form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. I hope this helps you understand the situation. At this point, the IRS expects to approve the form 8606 on TurboTax e-file as 02/12/2020.
Per TurboTax Updates, the Form 8606 will not be available until 2/12/2020. It is important to file this form. Without this form, IRS would not know what your total nondeductible amount of the IRA contribution is so to verify your nontaxable portion of the distribution or rollover. To see why, click here Form 8606 to read a post by user BMcCalpin for an explanation.
To see why the form is not yet available in TurboTax, please continue to read:
The fact that the forms are available on the IRS website has nothing to do with any tax software program. The forms are available if you are going to download from the IRS to complete it on your own. However, e-filing is different. Once the form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. I hope this helps you understand the situation. At this point, the IRS expects to approve the form 8606 on TurboTax e-file as 02/12/2020.
Thank you very much for the explanation. It would be nice if turbotax added this level of detail in their explanation in the review page of your tax prep when you get to the point of not being able to go any further due to form unavailability. I appreciate your time.
You are very welcome! I am glad you found my explanation helpful!
It's 2/12/2020, and I'm still not able to file my return because the IRS has not finalized these forms. When will these forms be finalized?
It should be available 24 hours after the IRS approves TurboTax to use the form. Currently, the IRS has not finalized the form. Here is the IRS web page to check the status of form 8606: Available Forms and Limitations. Scroll down to Form 8606.
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