topic I am attempting to do a rough draft of 2020 taxes and the retirement income section is not available yet. When will it be available? in Retirement tax questions

I am attempting to do a rough draft of 2020 taxes and the retirement income section is not available yet. When will it be available?

usertreehouse — Fri, 04 Dec 2020 15:12:21 GMT

When will turbo tax retirement income section be available for users?

Re: I am attempting to do a rough draft of 2020 taxes and the retirement income section is not available yet. When will it be available?

xmasbaby0 — Fri, 04 Dec 2020 15:27:35 GMT

It could take a couple of months--the IRS is drafting new 1099R forms and then the software programmers have to program for those forms; then the IRS has to approve the software...it is a process.....Sorry. If you have 2019 desktop software you can try a "what if" using 2019--but it will not have the CARES stuff.

Re: I am attempting to do a rough draft of 2020 taxes and the retirement income section is not available yet. When will it be available?

xmasbaby0 — Fri, 04 Dec 2020 15:57:16 GMT

Click on the REVIEW tab to see what it is 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

Re: I am attempting to do a rough draft of 2020 taxes and the retirement income section is not available yet. When will it be available?

SteamTrain — Fri, 04 Dec 2020 20:38:37 GMT

Normally, the 1099-R section is available at this time of year.

BUT

This year there will be a HUGE rewriting needed for the 1099-R section:

1) RMDs taken that are no longer to be considered actual RMDs (will or should the software still call them RMDs)

2) Could what is now not an RMD be converted to ROTH, since RMDs aren't required?

3) QCD questions that have to be dealt with for what would have been RMDs (if any QCDs are allowed at all this year)

4) Then all of the machinations about dealing with the return of $$ from what would have been RMD distributions from IRA/401k/TSP etc. accounts.