2021 TT bugs, User Errors, or Tax Law changes?

Forum|Forum|4 years ago
November 7, 2021
2 replies
33 views

I just downloaded the 2021 TT Deluxe and an not sure if what I am seeing is a software bug or a change in the Tax law effective TY 2021.

#1. I entered data that created need for Excess APTC repayment on line 29, Part III form 8962. I know that for tax year 2020 this repayment was waived as part of the Covid Tax Relief, but I was under the impression that the repayment was being reinstated for TY 2021. Yet the software I downloaded still does not reflect that reinstatement. Bug, User Error, or Tax law staying the same for 2021 as it was in 2020?

#2. I have a Cap Loss Carryfwd from last year and have had for many years and in previous versions of TT it automatically puts the 3k writeoff on line 7 of 1040. This year it does not. I see the carry shown on the worksheet, but it does not make it to the main form. Bug, User Error, or Tax Law change?

VolvoGirl

Level 15

2021 program just came out. There will be many many updates to come.

Regarding the Capital Loss Carryover, Have you entered any current year sales yet? The carry over loss is first netted against all your sales and then if you still have a net loss you can only deduct 3,000 per year. So if you have a lot of gains it will use up your carryover loss. And be sure you are looking on the right lines. The line numbers have been changing each year now. Don't know if it will be in the same place for 2021. You can switch to FORMS mode to see the actual forms. Where on the worksheet are you seeing it?

Mike9241

Level 15

what you downloaded was probably a beta version for 2021. this would be based mostly on 2020 tax laws with few if any updates for changes in the laws for 2021. the early release is a marketing ploy so you buy TT rather than a competing product. it likely won't be until sometime in January 2022 that the program is compatible with the 2021 laws. if law changes are passed in 2022 affecting 2021 it will be much later like what happened in 2020 when millions filed before software apps could be updated to reflect the UC exemption and the waving of repayment of excess Obamacare credits, etc.

Mike9241

Critter-3

Level 15

Even though the downloaded program comes out sometime in November each year it is only a beta version which will not be fully operational until late January at the earliest (much later for some forms and the state programs). Efiling will not be open until late January at best so do not be in a rush to file.

Same with the Online version which becomes functional sometime in December.

http://taxpreparationsoftware.com/

If you are trying to do some tax planning then use the fully operational 2020 downloaded version instead.

This is my mini version of a tutorial that should be in the downloaded program:

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

Related Information:

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

>>>In the TurboTax CD/Download software by creating a test copy:
1. Open your return in TurboTax.
2. From the File menu, choose Save As.
3. Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name).
4. Click Save. You are now safely working in the test copy and anything you do here will not affect the original.
https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

>> use the WHAT IF tool:
- Click Forms Icon (upper right of screen) or Ctrl 2 (forms view)
- Click on the Open Form Icon
- In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form
- You will see the worksheet on the right side of the screen; enter the information right into the form
- To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
Browse to where you want to save your backup.
- Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
Click Save and then close TurboTax.
Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

AND protect the files :

How can I protect the tax files on my computer?

gebirg137

Level 2

Unrelated bug - just tried installing TT Deluxe 2021 (on Windows 10) and upon completion of installation it tells me it is unable to:

Access the internet for updates
Verify the license key because it (again) can't see the internet

I, of course, have access to the internet or I wouldn't have been able to download the installer. It recommended I temporarily turn off all malware and virus checkers (which I did - generally, a VERY dangerous thing to ask its users to do) and it still operated under off-line conditions, not getting beyond the initial splash screen. Tried even uninstalling and fully re-installing the software - same exact problem.

I've been using TurboTax for close to 20 years, on both Macs and PC's and I have NEVER run into this kind of problem before. Is this another beta thing? Why would software be deployed into the wild that can't even do a simple thing like access the web for self-updating? Very strange. Any information appreciated, thank you.