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The IRS will accept it with an e-file. They need to update the software.
Why does Intuit not plan on supporting this for e-file. The IRS has provided specific instructions for companies like Turbotax to support it.
Actually, TurboTax will make e-filing available for Form 7202. Quite recently, there was a TurboTax update announced that e-filing Form 7202 is expected to be available March 11, 2021 as of this writing.
All software platforms have had an exceptional number of changes to implement due to new legislation in response to COVID-19. TurboTax guarantees form accuracy 100%.
Yes, you are correct, the IRS does suggest a workaround if the companies are unable to add Form 7202 itself.
Form 7202 would have been generated in response to questions about your employment, particularly if there was qualified sick or family leave. You will need to check the entries for any income being reported in your tax return.
Until the program is updated, if you wish to proceed, you would have to paper file. The IRS takes at least 6-8 weeks to process a paper filed return and 2-3 weeks to process an electronically filed return.
To paper file your return, see these links:
According to IRS website as Feb 19, 2021. Because Forms 8915-E and 7202 are new and impacted by recent legislation, IRS has provided alternatives for these forms to be included with an e-filed return. Some software providers allow the forms to be attached as a pdf, others as a statement attached to the filing. As an alternative to attaching a PDF of Form 8915-E or 7202, to increase e-filing and reduce paper filing, software providers may instead include with the e-filed return a general dependency statement that includes all the information requested on Form 8915-E or 7202 if they are unable to attach a PDF of the form. Such a statement should look similar to the following for Form 8915-E, or correspondingly similar for Form 7202. Forms that have been typically filed as a PDF in the past, such as Form 8915-E, or other new forms not yet on XML, should still be sent in as a PDF.
Some of the responses here are "well, just print and mail your tax return in", like, so what! Well, the reason I purchase TurboTax is so that I can e-file my return. There is a HUGE difference between printing and mailing a return compared to e-filing. Also, having to wait another 2 weeks before TurboTax is updated with an e-file 7202 is absolutely not acceptable. Especially when this appears to be the third or fourth time a promise of an update has been announced. When other, less reliable less popular (and less expensive) products have already updated this feature. I have been a TurboTax user for over 10 years and I have never been so disappointed.
@Rivendell II wrote:
Some of the responses here are "well, just print and mail your tax return in", like, so what! Well, the reason I purchase TurboTax is so that I can e-file my return. There is a HUGE difference between printing and mailing a return compared to e-filing. Also, having to wait another 2 weeks before TurboTax is updated with an e-file 7202 is absolutely not acceptable. Especially when this appears to be the third or fourth time a promise of an update has been announced. When other, less reliable less popular (and less expensive) products have already updated this feature. I have been a TurboTax user for over 10 years and I have never been so disappointed.
The IRS has not made the 7202 e-fileable or provided an xml "Schema" for e-file.
@macuser_22, they have effectively made it e-fileable without the XML schema in not just one, but two ways. (1) by allowing the form to be transposed as text into the general dependency section, (2) by allowing it to be attached as PDF. The former is a ridiculously simple operation in terms of software development, so the long delay is not well taken.*
*Let's put aside that #1 was graciously offered by the IRS to corporations like Intuit even though #2 was perfectly viable - Intuit's professional software has PDF functionality, so the code is already written. One wonders why Intuit decided to keep a hard line between consumer and professional editions on this basic feature, against the interest of taxpayers during a year of crisis.
WHAT A HUGE LET DOWN -CUSTOMERS SHOULD GET OUR $$ BACK!! YOU ADVERTISE FOR SMALL BUSINESS OWNERS AND NOT SUPPORT THE FORMS NEEDED. YOU HAVE HAD A YEAR TO CORRECT THIS!
@dogleg wrote:
@macuser_22, they have effectively made it e-fileable without the XML schema in not just one, but two ways. (1) by allowing the form to be transposed as text into the general dependency section, (2) by allowing it to be attached as PDF. The former is a ridiculously simple operation in terms of software development, so the long delay is not well taken.*
*Let's put aside that #1 was graciously offered by the IRS to corporations like Intuit even though #2 was perfectly viable - Intuit's professional software has PDF functionality, so the code is already written. One wonders why Intuit decided to keep a hard line between consumer and professional editions on this basic feature, against the interest of taxpayers during a year of crisis.
TurboTax does not presently support attachments.
e-filed attachments must be hand processed at the IRS which makes them as slow as mail filed - no real advantage.
Form 7202 can YES be filed with TurboTax 2020. Go to 'Deductions & Credits' and then you'll find it under the Covid-19 tax breaks section: Self-employed Sick and Family Leave.
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