topic When will Schedule D and Retirement Income sections for 2020 be ready ?? I need to work on estimates.. in Retirement tax questions

When will Schedule D and Retirement Income sections for 2020 be ready ?? I need to work on estimates..

mduanemiller1 — Sun, 06 Dec 2020 16:20:56 GMT

Re: When will Schedule D and Retirement Income sections for 2020 be ready ?? I need to work on estimates..

xmasbaby0 — Sun, 06 Dec 2020 16:33:45 GMT

The IRS is drafting new 1099R forms. Then the software has to 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 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: When will Schedule D and Retirement Income sections for 2020 be ready ?? I need to work on estimates..

krsbozo — Thu, 10 Dec 2020 00:23:19 GMT

This doesn't answer the question about Schedule D. The link provided also doesn't include the schedule yet.

Re: When will Schedule D and Retirement Income sections for 2020 be ready ?? I need to work on estimates..

xmasbaby0 — Thu, 10 Dec 2020 00:47:26 GMT

@krsbozo If there is no date there that is because no one knows yet. Sorry.

Re: When will Schedule D and Retirement Income sections for 2020 be ready ?? I need to work on estimates..

Questionasker — Sat, 12 Dec 2020 15:08:11 GMT

Looks like it now says 1/14/21 for Schedule D availability. So not likely to be available for end of year planning. Hopefully there are no differences between schedule D in 2019 Turbo Tax and what will be in schedule D in 2020 TurboTax , which would affect tax planning before end of year, for gain from the sale of an appreciated stock fund, or loss from sale of another stock fund. If so, does anyone know the major differences to watch out for if using TurboTax 2019 to do what ifs for 2020 capital gains, for the purposes of year end planning, and seeing the impact on income of more stock fund sales before year end?

Re: When will Schedule D and Retirement Income sections for 2020 be ready ?? I need to work on estimates..

fanfare — Sat, 12 Dec 2020 17:59:25 GMT

google it for 2020 changes to capital gains tax brackets and standard deductions, if any.

In any case, your 2019 program 's estimate will be close enough.

Re: When will Schedule D and Retirement Income sections for 2020 be ready ?? I need to work on estimates..

Questionasker — Sat, 12 Dec 2020 18:19:59 GMT

Thank you. It looks like the standard deduction will be $400 higher in 2020 for married filing jointly, and looks like the top of the 0% bracket for long term capital gains will be $1,250 higher for married filing jointly. If those are the main points to be aware of that is good.