I need to use IRS Publication 590A and as of 2/24/21 it is still in draft form. How can I file my taxes if the publication is still in draft form? Or do I wait until Publication 590A has been finalized? If so, does Turbo Tax automatically update their software when publications are made final?
this is an IRS issue that TurboTax has no control over. first, the Form must be approved by the OMB. Only then can Turboatx start the process of modifying its apps to reflect any changes that are necessary. this does not take place immediately.
Thank you for answering. However, how will I know that Turbo Tax has updated their software to the final form of the publication? I do not feel comfortable filing my taxes based on a draft publication. My state taxes rely on figures from the federal taxes, so I cannot file those either.
You cannot file until the software has been updated and that will be based on IRS final version. Accounts with this issue will receive an e-mail when the software has been updated, however, we suggest that you check back often to see if fixed.
Thank you for your response. I just checked publ. 590A and it was updated 3/4/21, but still in draft form. I noticed that Turbo Tax has not updated their worksheets for this updated draft yet. I will keep checking.