Will turbotax 2019 support deferring capital gain by investing in a qualified opportunity zone

[lori58sf]

unfortunately in 2019 Business version, TT removes form 8949 which is needed.  So far, I only find solution that I manually adjust forms provided by TT and manually download f8949 from IRS site and attachment all and mail in.  I did it in March...may be f8949 is available again via TT...good luck

[sol42]

From what I understand there is no prejudice against paper returns vs. electronic filed returns for audit frequency.  Please correct me if I'm mistaken.

[RobertG]

There is no prejudice against paper returns vs. electronic returns for audit frequency.

All returns receive an electronic score when processed. 

This score is the first step in a lengthy audit selection process that includes an inspection of the return by an audit classifier, the auditor's manager, and the actual Tax Compliance Officer or Revenue Agent who will conduct the audit.

But the initial electronic score is the same for both paper and electronic returns.

@sol42

[MJ10]

Both TurboTax and H&R Block software don't support the deferral of the gains by investing in opportunity zone investments.  However, TaxAct does seem to support that.   Too bad that TaxAct software/user interface is not as good as TT.  But I would prefer bad UI over having to making manual adjustments and filing paper returns.  

[wrschonf]

Will turbotax 2020 support deferring capital gain by investing in a qualified opportunity zone

[Critter-3]

It is highly doubtful the program will ever directly support that situation since it is so uncommon.  Using the downloaded version to make a manual entry in the FORMS mode will be the only way to handle it in the TT program. 

[pnpgator]

This is sad, I spent a bunch of money on TT Premier and expected this to be handled since its not uncommon (like other things that TT does support are). Wasted my money, going to have to hire a real tax expert. Also since this OZ investment defers taxes all the way to 2026 and TurboTax can't handle it, I guess TT will not be getting my money for at least the next 5 years.  Someone at TurboTax, really didn't prioritize this. Lost money could add up reverting a bunch of Turbo Tax users back to tax experts. 

[lori58sf]

is there a way to get TT attention on this?  who is monitoring?  is there a person we can send the request?

HI TT staff, if you are reading this.  QOZ has been around since 2018 tax year.  makes sense TT does not have time to support it as many laws changed,  but TT really needs to support it for tax year 2021!   as noted by many. it is good for 10 years from 2018 !   so many more years but best to start supporting it for 2021 tax year.  it is not that complicated...we all figure out how to do it...but the benefit of TT support is to allow us to e-file which is the key reason why we buy and use TT!..

[lite1]

@MJ10 wrote: "Both TurboTax and H&R Block software don't support the deferral of the gains by investing in opportunity zone investments.  However, TaxAct does seem to support that.   Too bad that TaxAct software/user interface is not as good as TT.  But I would prefer bad UI over having to making manual adjustments and filing paper returns.  "

I migrated from TT to TA for 2020 return and in TA it handles the required IRS form 8997.  But for most everything else from cap gains for stock sales, or K1 forms, or ...  The interface in TA is horrible and is time consuming to use and quite frustrating.

Unfortunately it seems that H&R is not a strong alternative, but I vowed never to use TA again.  I had used TT for > a decade.