I was made aware after I had filed my taxes that TurboTax does not appear to support form 461 (limitation on business losses). This was suspended for 2018-2020, but is back in force for 2021. There is no line of questioning during the interview process that alerts that there could be a problem. This is also not listed anywhere that I could find, that this form is not supported - see
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/irs-forms-included-turbotax/L5...
I called into customer service and was told that this form is not supported and that I would have to file an amended return by paper. I have always been impressed at how thorough turbotax normally is, but this has made me lose some faith. What else is out there that is not supported that I have mistakenly allowed through? Does TurboTax refund you if you are unable to complete taxes using their software?
As best as I can tell the best way to fix this would be to manually enter the amount on form L8 (other income statements) so that it will show up on line 8o on Schedule 1 and then print out my amended return with a copy of form 461 attached. It looks like, since I can't use losses above the threshold amount of $524,000 (married filing jointly), that I will have to manually keep track of NOL for future tax returns, since turbotax doesn't seem to track NOL either. I realize that NOL is a somewhat more complicated issue, but only realized this after filing because nothing is really mentioned about it during the questioning process.
If anyone has a better suggestion, I would love to hear other's opinions. I also read that the professional version of TurboTax for accountants, also does not include form 461 this year.
