Opportunity Zone Funds for Tax Year 2019

[DACLAC]

Sure, I e-filed with TA on April 9 and received my refund via ACH on April 22. Best to you. 

[caliben888]

For NW Jim...

I filed using TA in the afternoon of Sat 4/4.  At 4:00AM 4/5, I received a txt message that my return was accepted by IRS.  You should have received similar message by now.

[NW Jim]

Thank you for your reply.  I received an accepted by the IRS on March 26.  No refund yet.    

[NW Jim]

Yes. I received an accepted by IRS notice essentially right after submission.   That was March 26 yet no refund yet.   And checking the IRS where’s my refund website it states return is still processing.     Thanks for your earlier reply. 

[dgsloss]

Long time TaxAct user .... I import stock transactions into TaxAct from a spreadsheet.  Easy once the format is set.   I seem to recall that I initially downloaded a template from the TaxAct site, but can't find that link right now.

See this:  https://www.taxact.com/support/881/2017/how-to-im[product key removed]mation-using-a-csv-file-from-y...

[pdecrett]

It really sucks that TurboTax STILL doesn't support this.  I made do with manual overrides and mail-in for 2018 taxes.  But for 2019, I went with Tax Act.  Tax Act is in no way as clean or intuitive as TurboTax, but it does indeed support everything required for new and ongoing QOZ investments.

[njcoons1]

Should I download the desktop edition, or use the web based one?

[pdecrett]

I did the download because it ended up cheaper for me with the free e-file and state product I needed.  But I chatted with them and they confirmed both versions have it.

[NW Jim]

Agree with the comparison of Tax Act and Turbo Tax.   Also astounded that Turbo tax does not support QOZ investments.   Tax Act made it seem quite simply.   Would be willing to switch back if Turbo tax supported it -but for the next ten years looks like I am with Tax Act if Turbotax does not accommodate.  

[Atom_99]

Another long-time TT user here disappointed with their lack of support for OZ deferrals. This year's tax filing has been such a PITA I might just start using a CPA. 

I just did the full self-employed program with taxact but could not find the QOZ forms. Is this because I am on a mac? Seems dumb that the OS would affect something that is online, but when I searched in the help box I couldn't find anything on OZs. 

[pdecrett]

Go to Q&A > Federal > Form 1099-MISC > Investment Income > Gain or loss on the sale of investments > Capital Gain or loss Form 1099-B.  Add a new form. 

On that form, enter your QOZ investment as a negative number under "Gain or Loss" (and your other fields).  That will carry over and create form 8997, which you can then access under "Forms" in the program.  Hope this helps.

[pdecrett]

Be sure to use adjustment code Z on that 1099-B worksheet as well.

[DACLAC]

Actually the forms are all there on TaxAct, it took a phone call for help to find them, worked great after speaking with their support staff. I had three 6-figure OZ investments in 2019 and was able to avoid a CPA.  Good luck. 

[Atom_99]

Thanks, was easy once I figured out how to add the forms. 

[Atom_99]

Thanks! This helped. Straightforward once I found the form.