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Caution: TT 2020 has 2019 FPL limits for ACA calculations NOT CURRENT 2020 $$. SO NO ACCURATE CALCS SHOWN

I understand why TT hasn't been able to complete certain sections (Retirement income, cap gains, etc.), while Congress is considering other issues before years end. However, I cannot understand why TT 2020 Deluxe  doesn't include in it's programmed calculations the Federal Poverty Level for 2020 which on the HHS web page is shown to be $17240 for single, etc. (Look these up). We need to determine amount to be withdrawn from IRA before 12/31 that will not put us over the 400% FPL level for ACA subsidy. The program puts us over the 400% level, meaning we'd have to repay $15,000 approx. if we withdraw planned amount.So I played with the numbers, and lo and behold, the 2020 program is still set at 2019 FPL level of $16920 for individual. These FPL numbers have been available ALL YEAR. So, it is NOT understandable that these amounts are still not properly programmed into 2020s TT.

 

(Note:  I first downloaded TT Deluxe from Amazon, then had TT download a "clean" version to be sure mine wasn't corrupted - it wasn't). 

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3 Replies

Caution: TT 2020 has 2019 FPL limits for ACA calculations NOT CURRENT 2020 $$. SO NO ACCURATE CALCS SHOWN

because the early versions are really a marketing push to get you locked in to Turbo Tax; their competition does the same thing from what I hear.   It'll be corrected comes filing time in late January.   

Caution: TT 2020 has 2019 FPL limits for ACA calculations NOT CURRENT 2020 $$. SO NO ACCURATE CALCS SHOWN

This is quite frankly BS. The ONLY reason people like me buy TT this early is to get estimates so they can make end of year decisions. I've been using TT since its inception in the 90s, and I can tell TT and anyone else who finds this approach you've indicated (i.e., using it as marketing tool to hook people into TT for the future), unacceptable, as I do, then like me they won't be using TT in the future at all.

Caution: TT 2020 has 2019 FPL limits for ACA calculations NOT CURRENT 2020 $$. SO NO ACCURATE CALCS SHOWN

then why else would TT be selling a product where the final forms are not yet approved by the IRS, esp. this year where there are so many tax law changes (e.g. CARES Act, SECURE Act)?  

 

Is TT marketing the software to be used for estimating purposes? I it may be what some are using it for, but is that TT's intent when they sell it in Nov and Dec, knowing that they are beholden to the IRS to issue final forms? 

 

I just checked the Intuit website and I can't find that 'estimating' is something they promote in the marketing of the product; maybe I missed it.  So some may use it for that purpose, but it does not appear to be TT's intent. 

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