Missouri residents should be aware that there is a bug in the current software. My current version of TurboTax home and business is giving incorrect answers for Missouri returns. The problem is in the deductions section and TurboTax is giving a full $10,000 deduction on line 12 of Missouri 1040 without regard to the AGI number. The new Missouri tax laws require that the $10,000 figure be reduced based on the AGI. Thus, the incorrect TurboTax math lowers the taxable income too much, and TurboTax shows a bigger refund than is correct. Does anyone know when TurboTax will fix the problem?
The Missouri state tax forms will not be finalized until 01/16/2020, subject to change.
See this TurboTax support website for the Missouri state tax forms - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_mo_online_individual.html
Yes thanks, I noticed error in the MO. federal deduction % and an associated calc... will revisit on 1/16. Do you know if the MO form 5695 (Qualified Health Ins. Premiums) actually requires the stated "proof of premiums?" Not sure how that would would happen when submitting 1040 and associated forms online..?
Yes, the MO-1040 instructions tell us to submit supporting documentation with the Form 5695. But my short answer is that I really don't know the technicalities regarding what documentation is acceptable for the health insurance deduction. From my e-filing experience, I've just trusted the software to tell me what I need to do. So if the tax preparation software accepts the data; and does not ask for any attachment; and if the e-filing is accepted by the state--then I don't worry about it. I will watch to see if MO processing changes that process by telling us to attach or e-mail anything, but I'm unaware of that need right now.
When TurboTax directs me to paper file, then I attach my insurance documentation (SSA-1099s and billing receipts) with the forms that I mail.
TurboTax has not yet released the State of Missouri tax program for tax year 2019. You can follow the estimated release dates of the various Missouri forms that TurboTax supports at State forms availability table for TurboTax individual (personal) tax products.
Changes made by the state late in the tax year do take time to implement in TurboTax; therefore, it is always unlikely that any state is ready to go on January 1 of the new year.
As spbeatty notes, please wait until the form you are looking for has been released (this link above will show you not only the estimated release date but also if the form has already been released). Note that "form" 5695 is actually considered a worksheet by Missouri and is completed as part of form MO-A.
As for the issue of attachments, the general rule is that e-filed returns prepared by TurboTax attach any supporting forms required by the state (such as the SSA-1099 in this case). In the rare case that a PDF copy of supporting documentation needs to be attached to the e-filed return, the state interview in TurboTax will provide a method to do so. If not, then you don't need to worry about it.
It appears this has not been corrected with the mid-January product release. My Missouri return was just rejected today on 01/30/2020 stating MO 2019 Business Income Deduction - due to product updates. However, there is no Missouri update to download and Turbo Tax states the version is up to date.
Any idea when this will be corrected?
Unfortunately, from time to time Federal and State FORMs have to be revised and approved. This is a dynamic process and we aggressively pursue it. At this point the target date for almost all forms is 02/12/2020.
Included are LINKs both for the Federal and State FORM status
IRS forms availability table for TurboTax individual (personal) tax products
Select your situation below to locate your 2019 form or schedule.
From <Federal FORM availability>
State forms availability table for TurboTax individual (personal) tax products
Select your situation to locate your 2019 form.
From <State FORM Availability>