When will Turbo Tax 2020 have Schedule D ready so I can input my data and make plans about last minute stock transactions so I can minimize my tax?

[NCperson]

@HS8 - here is the dilemma to me:

There appears to be a sector of TT customers, like you, that wants to use TT as an estimator for year end tax strategies.   But when you read the Turbo Tax marketing material, they never state one of the benefits of their software is for tax strategy planning at year end!! 

So either TT is missing the boat on a market opportunity or customers are buying the product intending to use it for a purpose that it is not designed to do.  Currently, it appears to be the latter as TT is beholden to the IRS schedules and there were a lot of tax changes this year (COVID) 

do you have 2019 desktop?  can you just pull up that file and play 'what if' - it may be 'close enough' 

[Capt36]

I have been using TurboTax, since the 1987.... So, having you act like I have no clue, proves that it is you that is either clueless, or being paid to act clueless.....
TT has almost always gotten a usable product out by mid-November, certainly by mid-December..... But, in the last year of Trump, the four years of the fragmentation of the United States government...., has resulted in a final FU from the administration, by delaying nearly everything the government has done in a timely manner in past years..... 
TT has ZERO excuses for not having a workable product, in a timely fashion, for estimating year-end taxes. They could have done it.... They decided not to do it.... Now, the question is whether the TT people will fess up to dropping the ball.....
You can go to the IRS website, and download the almost-finished Schedule D form. There is a water-mark, very plainly stating that it is not the final product. WTF is TT's problem with sending out a similar form, and being the helpful folks at tax time.... I suspect that the Trump administration has 'operatives' embedded in the staff of TurboTax..... 
Please get rid of them immediately....! They do not enhance your already too complicated product..... 
For so many years, I have hated to depend on TT, because of the incredible number of clicks, after large mouse moves covering the page you might be working..... TT has finally started using 'default' answers, based on prior years... It is SLOWLY getting better. But, it is a poorly updated product, that depends of old code to write 'new' code for the next year......, with little, or no, improvement...!!!
I have also been a Quicken user, since MS-DOS 3.1...... So, I have a pretty good handle on the tax situation, without absolutely depending on TT..... I feel sorrow for those folks that trusted TT to have answers to their end-of-the-year tax-move questions.......
TurboTax can do better........., a lot better......!

[Steve243]

Using the 1099-R Worksheet with the desktop edition also worked for me. Thanks for the tip!

[NCperson]

@Capt36 - I don't get it, you are railing against a product that does not market a capability to help with year end estimates; that is not what they sell the product for.  Maybe they should, but they don't. 

[Capt36]

I am a user, accustomed to TT acting in a certain manner, year, after year.....  It is quite obvious, from the posts of others...., that the expectation of people to use TT in their end-of-the-year estimates..., is VERY widespread.... I view you as a defender of TT...., period...  If you WikiPedia 'TurboTax', you will see just how hard they have worked to control the government's position, versus the user's position..... I have long argued about how user 'unfriendly' TT has been throughout the history of TT.... 30 years ago, I even attempted to call TT, with suggestions for improvement. I was told flatly, "We do not need your input. We know what we are doing."
Perhaps some day, TT will primarily act in the interest of the customer, instead of the corporation.... I shall not be holding my breath.....

[NCperson]

actually, I am not a defender of TT, rather, there is truly a disconnect between what their customers want (e.g. the ability to use TT for forecasting  / year end tax strategy purposes) and what TT is selling (they don't market or sell forecasting as a benefit of TT) .  I was just trying to state that.  

[itax4u2]

I really don't understand why TT does not use IRS's Draft form and then change it when it becomes final.  Selling a product that does not allow you to do your taxes is false advertising.  Its purpose is to allow you to calculate your taxes.  Under the law you don't have to use their forms to file your taxes.  TT has chosen to lie about their product in its present form.    But due to the license agreement we all agree to there is nothing we can do except complain.  They basically say you buy as is and guarantee nothing.  Forget customer service.  

[NCperson]

I wonder if the reason they don't use the draft forms is that once the forms are programmed, they need IRS signoff.   And in fact, now that I think about it, that is probably why there is no marketing of forecasting or strategy - because the IRS wouldn't care about that; the IRS would only care about the tax reporting being correct comes April 15.  

The product DOES allow you to do your taxes.... because the programming behind the forms is signed off by the IRS by the time the submission window opens.   It just doesn't allow an easy use to forecast the implications of year end tax planning strategy, ESPECIALLY in a year where there are a lot of tax law changes. 

[DoninGA]

@NCperson Bingo.....Nailed it.

[macuser_22]

In addition TurboTax (and other tax software companies) do not program from forms, they program from schemas which are the electronic file specifications that must be transmitted to the IRS in a format that the IRS computer can read and understand.   The "form" that you see in TurboTax is only for the data entry screen, but the data itself must be encoded according to the schema to be transmitted to the IRS.  It usually takes the IRS 2-3 weeks after the final paper forms are issued to release the schema for that form.   Then, as previously stated, the IRS must approve the TurboTax implementation before it can be released to the public.

[david9821]

I used the 2019 edition, creating a new tax form for my 2020 data. Changing dates for stock transactions by 1 year so long and short  is processed correctly. This worked for me. When I track my MAGI, to keep below the 4X poverty limit to maintain my ACA subsidies, I have to mentally be aware of the higher limit - but its not difficult.

I can then make my IRA to ROTH conversion based on that form.
I do need the TurboTax interface to do all this.  I have a 2019 and 2020 Premier version.

[bosdan02]

The IRS released the 2020 Schedule D on 1/27/2020.  Today is 1/3/2021 and TurboTax does not have it.  When will TurboTax upload the 2020 Schedule D so that everyone may estimate their taxes on investments?

[NCperson]

@bosdan02 - did you mean the release date is 1/27/21?

if you are using desktop version, just go into Forms view - it will work fine

part of the problem is that while many (including myself) use TT to estimate taxes on investments, if you read the marketing material closely, TT never advertises that, in other words they do not see that as a feature of their product! (probably because the IRS really controls not only the forms but the review to ensure that TT programmed it as intended - the IRS doesn't care about estimates)

[DoninGA]

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@bosdan02 wrote:

The IRS released the 2020 Schedule D on 1/27/2020.  Today is 1/3/2021 and TurboTax does not have it.  When will TurboTax upload the 2020 Schedule D so that everyone may estimate their taxes on investments?

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The IRS has not finalized the 2020 instructions for Schedule D or Form 8949.  Until the IRS finalizes the forms and calculations included in those instructions TurboTax cannot finalize them within the software.

They are scheduled to be available on 01/14/2021 (subject to change)

Go to this TurboTax website for IRS form availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[bobweissman]

Having read through all the above, I am still disappointed that there are not even preliminary forms available until 1/14 and later. My final estimated tax payment is due 1/15. I'd like to reduce my refund or amount due as close to zero as possible, but won't have the forms in time.

A great solution would be for the IRS to extend the due date for the final estimated tax payment just because of the massive chaos that was 2020. Yoo-hoo, IRS! Are you listening? Nudge, nudge.