Opportunity zone investment

Forum|Forum|3 years ago
July 13, 2022
2 replies
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how did anyone show opportunity zone investment

TurboTax Premier Online

Anonymous_

Level 15

@mcrmgf wrote:
how did anyone show opportunity zone investment

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

Level 15

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.

Anonymous_

Level 15

@rjs wrote:

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

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-fund-qof-reporting-for-form-8949-box-f-code-z-and-form/00/2190120

rjs

Level 15

@Anonymous_ wrote:

@rjs wrote:

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

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.