Opportunity zone investment

[mcrmgf]

how did anyone show opportunity zone investment

[tagteam]

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@mcrmgf wrote:
how did anyone show opportunity zone investment

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It is tough to accomplish this with TurboTax since the program does not support Form 8997 nor does it support inputting the proper code on Form 8949.

[rjs]

There is no way to show an opportunity zone investment in TurboTax. TurboTax does not support deferring gain by investing in Qualified Opportunity Funds. If you want to defer capital gain by investing in a Qualified Opportunity Fund, you cannot use TurboTax to file your tax return.

[tagteam]

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@rjs wrote:

There is no way to show an opportunity zone investment in TurboTax. 

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It can be done, but it is extremely cumbersome and definitely not officially recommended. It also requires a desktop version of TurboTax.

See @SnortingElk's post at the link below.

https://ttlc.intuit.com/community/retirement/discussion/does-turbotax-support-qualified-opportunity-...

[rjs]

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@tagteam wrote:

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@rjs wrote:

There is no way to show an opportunity zone investment in TurboTax. 

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It can be done, but it is extremely cumbersome and definitely not officially recommended. It also requires a desktop version of TurboTax.

It also invalidates the TurboTax accuracy guarantee, and prevents e-filing. The return has to be filed by mail.

I guess I don't see the value in tying yourself in knots to try to make TurboTax do something that it is not intended to do. There is other tax software that is designed to handle the QOF investment.

[tagteam]

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@rjs wrote:
I guess I don't see the value in tying yourself in knots to try to make TurboTax do something that it is not intended to do. There is other tax software that is designed to handle the QOF investment.

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I absolutely agree and would highly recommend that any user with a QOF investment look somewhere else for tax preparation software.

I was merely making the point that it is possible to use TurboTax for that purpose. I honestly do not know what anyone would want to go through the hassle, however.

[mcrmgf]

i spent three plus hours uploading 4 brokerage statemnt (hundreds of trades) bank interest ira mandatory withdrawl from 3 places  pension etc.  i investred 72800  in OZ (opportunity stock) so i would like to finish (have extension) 2021.  i have couple hundred thousand losses alreadyc2022 so vital i defer the OZ gains.  i may print everything add an extra 8949 and 8997 if that correct number

[mcrmgf]

did anyone use turbo and manueverd the opportunity zone investment to get it thru to irs.  for ny they are not in opportunity zone partner so thats not a state/city factor

[rjs]

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@mcrmgf wrote:

did anyone use turbo and manueverd the opportunity zone investment to get it thru to irs.  for ny they are not in opportunity zone partner so thats not a state/city factor

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@mcrmgf 

Here's a link to a post by someone who says he did it. This is the same post that tagteam referenced yesterday, above. He mailed the tax return to the IRS, but we don't know if the IRS has processed it.

https://ttlc.intuit.com/community/retirement/discussion/re-does-turbotax-support-qualified-opportuni...

If you do this, it cancels the TurboTax accuracy guarantee, and you cannot e-file your tax returns. You have to file them by mail.