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Stringerjj
New Member

I recently purchased TY2022 TurboTax Desktop Deluxe DIY. On form 5695, line 6b, TurboTax is not multiplying correctly. Should be multiplying by 30%. Why?

 
2 Replies
SteamTrain
Level 15

I recently purchased TY2022 TurboTax Desktop Deluxe DIY. On form 5695, line 6b, TurboTax is not multiplying correctly. Should be multiplying by 30%. Why?

For The Time Being:  You'll have to do your best to either ignore that, or mentally account for it......and wait until TTX implements the new tax rules for the form 5695.

 

The IRS still has those forms in DRAFT mode, and as-such, TTX hasn't included the new rules in their calculations..

 

TTX won't tell any of us exactly when they will update them, but it likely won't be until the IRS takes the new 5695 out of their Draft Forms list.

____________________

Right now, TTX doesn't expect to be able to E-file, or even paper file, tax returns with the new 5695 until after the first week in Feb.2023, but that could change either way

 

IRS forms availability table for TurboTax individual (personal) tax products (intuit.com)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
Critter-3
Level 15

I recently purchased TY2022 TurboTax Desktop Deluxe DIY. On form 5695, line 6b, TurboTax is not multiplying correctly. Should be multiplying by 30%. Why?

A LOT of the program is not functional yet mostly due to the IRS not being ready ... they have not yet issued all of the  final forms or instructions for many things so the software companies "punt" for right now until the true game can commence ...

 These first releases of the program are usually very buggy 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 2022 filing season will start yet. 

 

The tax programs this year have had to be reworked (again like last year) by every tax software company due to the changes above since it is not just as simple as " adding a form or worksheet " since many of the forms interwork with each other ... lots of moving parts to coordinate.   And before they can get final approval they need to be tested and approved by the IRS who themselves are not up to speed yet ... this is an impossible situation that will require patience on all fronts. Even my professional program has indicated that they will be delayed in getting out the first version this year and I appreciate them waiting until they have a working product when it is pushed out.

 

 

Although TurboTax may  allow you to e-filed some returns as early as 1/4/23 (IF the forms in your return are ready for filing … see info below)   they are NOT actually sent to the IRS.  TurboTax stores those early filed returns in a holding “POOL”   until the IRS opens for business and “drains the pool”  for processing ...   only then will you get an e-mail telling you if the return was accepted or rejected by the IRS.  

Only the simplest returns can be transmitted to TurboTax early.    Some forms will not be finalized until Jan 25 and some later than that.

https://ttlc.intuit.com/questions/1908854-forms-availability-table-for-turbotax-federal-products-exc...

Why does TurboTax allow early filing?  Because their competitors do - It is a marketing ploy to capture market share.

Filing early with TurboTax before the IRS opens  is a really BAD IDEA for many reasons...

1) If you discover something that is wrong on your return, receive a W-2 that is different, receive some other tax document that was not on the return that you filed then there is NOTHING that you can do about it other than wait to see if the IRS accepts or rejects the return after they open.  If rejected you can correct and file again, but if accepted then the only remedy is to amend which can take at the very least 4 months to process.

2) You must remember to check back after the IRS opens (or check for an e-mail) to confirm that the IRS has accepted or rejected the return.  If rejected, then it was never filed at all and must be corrected and re-filed.  Every year many taxpayers that file early, forget to check back and only discover months later that they never actually filed because if was rejected by the IRS but they had forgotten about checking back after filing with TurboTax.

3) While the IRS does conduct some pre-opening tests and does accept some returns early (ONLY for TESTING purposes), they will not actually  process those until after the official opening date.  The reason they do testing is to discover any problems with their systems.  A couple of years ago a test went bad and several thousand "test" returns were lost.   The IRS was able to recover those but it delayed refunds for some by months.

There is no real advantage to file before the IRS opens  but there are several disadvantages to doing  so.

When will my forms be ready?

Historically, IRS tax forms start becoming available in January, with a few stragglers (most notably Form 1040X) getting finalized in February.

State tax forms can become available for filing any time between December and late February, depending on the state and the tax form.

For specific forms and dates, refer to the Forms Availability Table for your TurboTax product, see the related information below.

                                                   

Can I Still Work On My Return Before My Forms are Ready?

Yes, according to the following:

Federal Taxes
You can still work on your return and finish most of it. Once your forms become available, we’ll create the forms and include all of your info.

You’ll only be able to e-file or print your return once the forms are available.

While you’re working on your return, we’ll ask if you want to receive email updates when your forms become available.

State Taxes 
If your forms aren’t available, you’ll get a message asking you to return once they become available.

While you’re working on your return, you’ll have a chance to let us know you want to receive email updates when your forms become available.

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