topic How do I enter a Z in column f on form 8949 in Investors & landlords

How do I enter a Z in column f on form 8949

wingsbobby — Sat, 01 Jun 2019 17:50:24 GMT

the IRS instructions for making an investment in a qualified opportunity zone investment require me enter a Z in column f on form 8949 but I see no place to do that in turbo tax. can you tell me how to do this?

TurboTax does not support deferring gain by investing in...

Cindy0H — Sat, 01 Jun 2019 17:50:25 GMT

TurboTax does not support deferring gain by investing in a qualified opportunity fund, and does not support code Z on Form 8949. There is no way to enter it.

An override will cancel the TurboTax accuracy guarantee, and will prevent e-filing. Overrides sometimes cause the calculations in TurboTax to break in unexpected ways.

Re: How do I enter a Z in column f on form 8949

CherylS — Tue, 04 Feb 2020 22:17:14 GMT

Here's a work around: Turbo tax does not have the code "Z" and does not accept overrides. Remove all the overrides, and then enter the adjustment amount as basis in that column. Then print the tax return and manually write in the code "z" and change the basis to zero and enter the correct amount in the adjustment column. You will also then have to adjust the column totals

Re: How do I enter a Z in column f on form 8949

Lao3 — Sat, 11 Jul 2020 23:20:00 GMT

What did you end up doing to solve this issue? I am facing the same issue in filing 2019 return.

Re: How do I enter a Z in column f on form 8949

DawnC — Sat, 11 Jul 2020 23:30:55 GMT

Deferred Gains for Qualified Opportunity Funds (Form 8949 for Codes Y and Z:( TurboTax 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).

@Lao3

Re: How do I enter a Z in column f on form 8949

Lao3 — Sun, 12 Jul 2020 03:02:59 GMT

How to enter Z in Column f? TT does not allow overrides in column f and if you do, it asks you to delete it or it can't be e-filed.

Re: How do I enter a Z in column f on form 8949

DawnC — Sun, 12 Jul 2020 03:17:21 GMT

Deferred Gains for Qualified Opportunity Funds (Form 8949 for Codes Y and Z:( TurboTax 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).

@Lao3

If you override the entry (which can only be done using the Desktop the software) - you must file by mail and you void the accuracy guarantee provided by TurboTax. See instructions below.

How do I override (replace) an amount calculated by TurboTax?