topic I just purchased TT and am pretty upset that I can't put in my mortgage interest deduction yet! What good is it to buy the program if I can't use it? in Deductions & credits

I just purchased TT and am pretty upset that I can't put in my mortgage interest deduction yet! What good is it to buy the program if I can't use it?

crazylegs1 — Sun, 20 Dec 2020 19:51:08 GMT

Seriously I get I can't file my 2020 taxes yet but how am I supposed to do some year end tax planning? I'm going to look at other software. Just ridiculous!

Re: I just purchased TT and am pretty upset that I can't put in my mortgage interest deduction yet! What good is it to buy the program if I can't use it?

Bsch4477 — Sun, 20 Dec 2020 19:57:54 GMT

It’s frustrating that some forms have not yet been released by the IRS. You will find this situation in other tax software. I used my TurboTax 2019 to plan for 2020.

Re: I just purchased TT and am pretty upset that I can't put in my mortgage interest deduction yet! What good is it to buy the program if I can't use it?

crazylegs1 — Sun, 20 Dec 2020 20:08:36 GMT

Just because the form hasn't been released doesn't mean the law has changed. It hasn't. To put all that info into 2019 then again into 2020 is just ridiculous. Put something in the TT agreement that calculations subject to change. What a waste of my afternoon.

Re: I just purchased TT and am pretty upset that I can't put in my mortgage interest deduction yet! What good is it to buy the program if I can't use it?

xmasbaby0 — Sun, 20 Dec 2020 20:19:19 GMT

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—sometime in January or even February. Meanwhile if you are trying to plan, if you have 2019 desktop (CD/download software) for 2019 use the what if feature- in Forms mode-but it will not have that CARES stuff.

You can also try using the Taxcaster tool:

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

There are a number of 2020 forms that are still being revised by the IRS. Click on the REVIEW tab to see what form(s) you are waiting for and when it is estimated to be ready (when operational ….and dates are subject to change) ...

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

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