TurboTax release updates generally once a week. They plan to have the majority of new changes implemented by the end of December. With specific regard to the 20% Passthrough deduction, the IRS has not released final regulations, or the forms and instructions on how to calculate it. TurboTax is working on programming the deduction based on the IRS draft regulations, but nothing can be finalized until the IRS releases the final regulations and the final forms themselves.
You will automatically get the Standard Deduction unless your Itemized Deductions are more. The program is not fully ready yet. There will be many updates to come. And with all the new changes this year it will take longer to get the updates.
Another user said....These first releases of the program are usually very buggy ( you are the beta testers even if you don't know it) and will require many many updates before it becomes fully functional which usually will not happen until late January or sometime in February depending on the forms you need. So patience will be needed as the IRS has not even announced when the 2019 filing season will start ... and due to the massive tax law changes & form changes I will not expect the start until late January like last year.
Are you asking about the new 20% Business Deduction?
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4499030-what-is-this-new-20-business-deduction">https://ttlc.intuit.com/questions/4499030-what-is-this-new-20-business-deduction</a>
And see all the 2018 changes
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return">https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return</a>
On the increased standard deduction, I expected TurboTax to provide a standardized deduction comparison with that based on my itemization, but apparently it’s not yet built.
TurboTax automatically compares your itemized deductions and standard deduction and uses the most favorable one. They are working on some enhancements that will predict whether a customer should itemize in order to save them time if they wouldn’t benefit, but I think that is only intended for the online experience. I’m not sure what they have planned for the desktop program, but again, the major components for the new tax law changes will not all be in place until near the end of December.
TurboTax release updates generally once a week. They plan to have the majority of new changes implemented by the end of December. With specific regard to the 20% Passthrough deduction, the IRS has not released final regulations, or the forms and instructions on how to calculate it. TurboTax is working on programming the deduction based on the IRS draft regulations, but nothing can be finalized until the IRS releases the final regulations and the final forms themselves.
I just spent over an hour trying to figure out where the box is to check for Single Member Limited Liability Companies. Thank you for asking the question. Thought I just was blind.
Will TurboTax notify all TTAx users when the 20% passthrough update goes in??
It has been in for 2 months already ... you just posted to a old post.
A LOT of the program is not functional yet mostly due to the IRS not being ready ... they have not issued final forms or instructions for many things so the software companies "punt" for right now until the true game can commence ...
This happens every year ... folks are in such a hurry to buy and drive a product that has no engine, tires or a steering wheel and are surprised that the vehicle doesn't work or get them anywhere. The ONLY reason that TT puts out an incomplete program is to grab market share because some people are dumb enough to buy an advance copy of a non operational program at a price that is higher than if they waited and bought it later in the tax year from a reputable reseller.
These first releases of the program are usually very buggy ( you are the beta testers even if you don't know it) and will require MANY updates before it becomes fully functional which usually will not happen until late January or sometime in February depending on the forms you need. So patience will be needed as the IRS has not even announced when the 2019 filing season will start
This past tax year, not only did the IRS have to rewrite a ton of tax code due to the late changes made in Dec of 2017 but the fools in Congress required they also toss out all the old form 1040 forms for the new "1040 Simplified" version ( which is anything but simplified since it adds 6 new schedules) and all these changes have the IRS way behind the normal timeline so expect things to not only run late but they will be VERY BUGGY so the smart money is on the patient person who waits to file until most of the errors have been corrected. Last time this happened many of the early filers had their returns lost or delayed for months so don't be in a hurry to jump off that cliff.
6 weeks before the end of the year and still no IRS guidance. For years I've used Solver in a simple Excel spreadsheet to figure out before the end of the year how to allocate earnings to wages, profit sharing, and retirement accounts. Now I have no idea how to do that. I'm hoping that TT basically leaves it up to us to figure out, rather than force an answer that may not even be right. Just let me take it on NI before wages and I'll be good. Let the IRS hunt me down if they think it's not right. Given the mountain of work Congress has created for the IRS, all but the uber-wealthy are probably safe from audit anyway.