topic When will capital gain tax deferral for qualified opportunity zone fund investment be supported? in Deductions & credits

When will capital gain tax deferral for qualified opportunity zone fund investment be supported?

bhughes6630 — Thu, 16 Jul 2020 15:26:35 GMT

The only way I could find to take this deferral was to enter/override fields on Form 8949 but then TurboTax wouldn't allow me to file electronically with those "errors". As such, I had to print and mail my return. I won't use TurboTax next year if this isn't implemented/corrected by then.

Re: When will capital gain tax deferral for qualified opportunity zone fund investment be supported?

macuser_22 — Thu, 16 Jul 2020 15:45:35 GMT

That is a situation that TurboTax does not support.

31. Deferred Gains for Qualified Opportunity Funds (Form 8949 for Codes Y and Z): The program
does not support the reporting of deferring tax on an eligible gain by investing in a QOF, by using
Code “Z” in column (f). The program does not support the reporting of the amount of eligible gain
that you previously deferred and now need to recognize by using Code “Y” in column (f)

https://ttlc.intuit.com/community/choosing-a-product/help/are-there-any-personal-individual-tax-situations-or-calculations-that-turbotax-doesn-t-handle/00/26220

Re: When will capital gain tax deferral for qualified opportunity zone fund investment be supported?

bhughes6630 — Thu, 16 Jul 2020 16:24:24 GMT

Yes, I know that which is why I had to manually enter the data on form 8949 via override... which then meant I could no longer submit the return electronically, so had to print and mail. I'm asking when, if there is a TurboTax rep online, this will be implemented. If there are no plans to do so, which I'm hearing, then I'll need to find another tax filing program which is unfortunate as I've been using TurboTax for decades.

Re: When will capital gain tax deferral for qualified opportunity zone fund investment be supported?

Critter-3 — Thu, 16 Jul 2020 18:14:24 GMT

Doubtful any DIY program will ever support that form/calculation and I doubt they ever will since there is so little demand for this situation. Many forms are orphans due to lack of need. Most who find themselves in need of this use paid tax preparers and do not try it themselves.

Re: When will capital gain tax deferral for qualified opportunity zone fund investment be supported?

rick m_650 — Tue, 18 Aug 2020 14:48:48 GMT

Very disappointing. Looks like I too will have to leave TurboTax after decades.

Re: When will capital gain tax deferral for qualified opportunity zone fund investment be supported?

coloradogold — Thu, 10 Dec 2020 16:44:42 GMT

I had to stop using Turbotax 2 years ago for this very reason and continue to not be able to use it. You do not want to do a manual override as you then have to file a paper return which is a huge audit flag.