I have the 2020 Deluxe version and am trying to complete an estimate for 2020 so I can make an estimated payment, primarily based on Form 1099-R
The current 2020 program is still incomplete and will require many many updates until it is fully operational sometime the last part of January or sometime in February or March when it comes to some forms and states.
The answer is unacceptable I have been using Turbo Tax for 18 years this is the first time I haven't been able to fill in items even though in the program you have Bold RED letters statement do not file
I agree. I have the premier version and, in my opinion, the whole point of buying Turbo Tax early is to be able to determine the impact of year end actions, determine the appropriate amount to pay for estimated taxes for 4Q20, etc., Not having one of the primary tax forms available, even though it IS available on the IRS site, eliminates the usefulness of Turbo Tax for tax planning.
Concur with the other comments. This is not only unacceptable, it is unconscionable! Why should I buy this product? I need this NOW to make sure my yearend plan is correct. I am ready to cancel my autorenewal, return this product and go with the competition.
The IRS has to implement and distribute the technical specs on new changes to the tax software companies and then once they are worked into the program and tested the IRS must also test them and approve them which takes time. Just because paper forms are ready doesn't mean programs are ready (which they are not ... they are still in draft status) ... not even my professional program is ready yet.
To do tax planning you can use the downloaded program by using the What If tool in the FORMS mode or make direct form entries in the FORMS mode or use the IRS estimation tool here : https://apps.irs.gov/app/tax-withholding-estimator/income-and-withholding
ANY tax software released by any company prior to about January 15 is only released for marketing and market share. No program is complete and ready to file until the IRS approves their final forms and then individually reviews each program's implementation of the form. And some tax situations aren't able to be filed until February or March, again mostly due to IRS delays.
Thank you. I went into FORMS mode and created dummy 1099s & manually entered the minimum data. Everything else, including the state forms, worked using these.
I came here with the same question and used the FORMS suggestion. Thanks.
When is unknown at this time ... look in the 1099-R entry section from time to time. Updates usually happen on Fridays so check then.
Your answer is correct, BUT previous years, I have been able to enter 1099-R information to get an idea of what my tax situation would be before the final forms are available. This year, I have to go to the forms section to enter data. I find that a "stupid" fix... Why is it different this year??
I completely agree JRP99. Someone in Turbotax management should explain the change for 2020 as opposed to other years. I find it important to make a dry run, with estimates, in mid Dec just to see what my outcome maybe when I get all the final information. To have to go to the form section to fill out the information is a dumb work around.
The IRS is drafting new 1099R forms which has the entire section delayed. Then the software has to programmed for them, and the IRS has to test and approve of the software. It is a complex process because of the all the CARES changes. It could even be a couple of months. Meanwhile if you are trying to plan, if you have desktop for 2019 use the what if feature--but it will not have that CARES stuff.
Click on the REVIEW tab to see what it is and when it is estimated to be ready (when operational) ...
IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products
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State Forms Availability Table for TurboTax Individual (Personal) Tax Products
To Critter-3
So why can the forms section be used to enter the information? The discussion is about using 2020 Turbotax to do a "dry run" even before final approved forms. I am not disagreeing with what you have said, it just doesn't make any sense there is a "work around" for 1099-R and 1099-B information.
Overrides in the FORMS mode can be done in the downloaded program however the calculations may not be accurate and you cannot efile with them in place ... so you can use the work around if you like but there are no guarantees.
Unfortunately the changes to the tax law combined with the understaffing situation at the IRS has some things delayed this year and there is nothing you really can to about it. Not even my professional program has this section fully operational yet and will not for a few weeks yet ... that is just the way it is.
@TKerestes wrote:
To Critter-3
So why can the forms section be used to enter the information? The discussion is about using 2020 Turbotax to do a "dry run" even before final approved forms. I am not disagreeing with what you have said, it just doesn't make any sense there is a "work around" for 1099-R and 1099-B information.
The issue is not so much the 1099-R form itself that can be accessed in the forms mode, the issue is with the step-by-step interview that is requiring a major rewrite due to new related 8915 forms and COVID-19 CARES Act related retirement questions and forms that the IRS still has in the draft state. The interview mode cannot be programed until the IRS releases the new forms electronic specifications that usually lag the paper form by 1-2 months and the paper forms have not even been releases yet. Everyone is waiting on the IRS.
You *can* enter information and get a good idea in the forms mode, but TurboTax does not officially guarantee the forms mode because only the interview mode can properly link all necessary related forms, therefore direct forms entries fall outside of the TurboTax accuracy guarantee.
The forms mode should not be used to file a tax return since it is prone to user entry errors, so direct form entry voids the accuracy guarantee since direct form entry bypasses many of the error checks built into the interview mode.
To Macuser22
Thank you for a very good response.
However, with all this in mind, I would have thought Turbotax could have programmed a way to use the interview mode with caveats that formal filing cannot be done until approved forms are received.
If not, then there should be a comment about using the "forms" approach saying that this does not guarantee an accurate result, just an estimated forecast.
Those warnings will be posted in the REVIEW tab once the program is ready for efiling. Right now the program is still in a "beta" version which is very incomplete and is only put out in advance because users will pay for an incomplete system and to capture market share in the DIY arena. All the DIY programs do this ... it is a marketing ploy.
Also, note that ONLY the CD/download desktop software has the forms mode - online does not and over 80% of all do-it-yourself users use the online versions. Only die-hard (want to see what is under the hood) users will ever see the "forms mode".
It should not matter whether it is the government or not, incomplete software should not be sold.
I buy this like many others early every year to estimate what I need to do this year for taxes especially investment and distribution sections. Yes, I can go back to 2019, but my trust in TTax has decreased exponentially.
I can guess that TTax is selling incomplete software to make $$ and screw the customers.
I agree 150% with Kinghl_73.
I hope someone in Turbotax management is following this discussion.
This is the FIRST year out of 20 I have experienced this 1099-R and 1099-B situation.
I am tried of hearing the excuses that have been presented. I am sure that in the past, IRS forms where not ready when the software was sold, but that did stop the use of Turbotax for estimating purposes.
@Kinghl_73 @TKerestes Do you think that income tax software should be kept off the market until all the forms YOU personally need are available? Or is it possible that there are others out there who want to get started on their returns who do not need the retirement forms you want? Do you know of any tax prep software companies that are keeping the tax prep software off the market until the IRS releases every form?
We do not work for TurboTax and are not making excuses for the delay for the forms--we are telling you WHY they are delayed -- even professional software does not have all the forms-- and will not have them until the IRS has them ready, the programmers do their jobs, the IRS tests the software, and the IRS approves of the software. Should the population of the U.S. wait for YOUR forms to be ready before they can start their returns?
To Xmasbaby0
I guess I have not been clear in making my point. I am not saying wait for all the forms to be final before sending out the software. I have never said that. All I have been saying is that in the past 20 years of using Turbotax, I have always been able to do an ESTIMATE run on what I might expect when I formally file after the tax year is completed. I KNOW the ESTIMATE is just that an ESTIMATE.
This is the FIRST year I can remember that sections were not available because forms were not approved. Therefore, I had to use the "forms" section to complete my estimate.
To say I think EVERYONE should wait just because of me is out of line. Please re-read all the dialogue.
It should not matter whether it is the government or not, incomplete software should not be sold.
I agree 150% with Kinghl_73.
Xmasbaby0,
I see, good point. I should have deleted that line from Kinghl_73.
I don't agree with "incomplete software should not be sold"..
Glad for all the replies here and glad to know I can use Forms as a workaround. I understand that this year has been especially difficult for the IRS having so many changes, and by extension all tax software makers. However I agree with all of those who have said that I buy TT early every year so I can model my taxes before year end and I have always been able to do this. Of course every thing is estimated and subject to rule changes that come with final version. I'm still not clear on why this year that has changed. I'm willing to understand TT may not have had many good options, but for sure I will not be buying the product ahead of time in the future as it has lost half its value to me.