When will the IRA, 401(k), Pension Plan Withdrawals (1099-R) section be available?

[blv-moon2]

i do my taxes early so i can figure out who owes who BEFORE the end of year.  this allows me to send gov't more money (if needed) and avoid penalties.  most of the income i have belongs in this section.

[xmasbaby0]

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 form(s) you are waiting for 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

[BR45]

A couple of months?  That sounds scary when someone like me is working on their taxes now to figure out roth conversions, quarterly taxes, etc.

Is there anyway we can get what they were last year or right now so we can do estimates? 

[blv-moon2]

i could not agree more with this response/concern.  why wouldn't turbotax give us the 2019 forms, prevent filing until an update comes, and provide an update later?  

[SteamTrain]

...sorry, not with the Online tax software.

1)  IF you use the Desktop software every year, it has a What-IF worksheet that uses that year's income and allows you to transfer and model it for  the next year....including changing specific income source amounts

2)  ..Desktop also allows you to create multiple tax files, and you can create a new file that uses your expected next year's income instead...though it uses the earlier year's tax rates, that would be pretty close, ( though it wouldn't allow for CARES act 3-year split reporting of certain retirement distributions)

3)  or.....try one of the online tax calculator tools:

https://turbotax.intuit.com/tax-tools/

[tperszyk]

Not having even preliminary forms for entries is a major problem for me.  I have complex rental property issues and depreciation schedules that make it too complicated to use last year TurboTax for estimates.  Why don't you include last year forms (with flagged notice they are not updated by IRS yet) so users can do at least some preliminary estimates if they need to make additional payments before end of this year. 

That is one of the major reasons I have been using TurboTax for past 12 years.  I had this problem last year when you were missing ability for me to enter info on selling a property.  I needed to hire an accountant to help me with that estimate.  For many years prior to that I never had this issue.  I remember warnings that IRS forms were not finalized but you could still enter data and get a preliminary estimate.  I always use home and business version and as of now 12-18-20 it is missing many more forms.  

I am very disappointed and hope you will unblock these forms within the next week. 

[NCperson]

what is fascinating about this thread (and others that are similar) is that while there appears to be a subset of customers that use TT to estimate their year end position, esp. where last minute rollovers are concerned, I can find no marketing reference where TT touts "estimating" as a capability of its software.

So either TT is missing a market opportunity or its customers are trying to use the software for something that TT doesn't intend it to be used for.

This is exacerbated this year with all the SECURE Act and CARES Act tax law changes. 

[blv-moon2]

turbo tax is selling their product w/o the functions need to complete the taxes.  if they don't have the needed functions, then they should not be selling the product.  it has nothing to do with "marketing".  

[NCperson]

turbo tax is selling their product w/o the functions need to complete the taxes

that is exactly my point...... 'estimating' is not necessary to complete taxes.  Yes, it is a useful tool to project whether to do a IRA Rollover, to determine if penalties for under paying taxes may be due, etc., but those are not necessities to 'complete taxes'.  Those are necessities to 'estimate taxes', i.e. what occurs across various scenarios.  TT isn't marketing (or selling to use your words) that the product is to be used for that, even though customers in fact use it for that.   

[blv-moon2]

don't sell the product until needed functions are there.  what is point allowing product to be bought but not used.  that is my point.