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?

[david9821]

Its 12/18/2020. It should have been ready by now!

[DoninGA]

Since the IRS has not finalized the instructions for the 2020 Schedule D or the 2020 instructions for Form 8949 TurboTax must wait for the IRS.

See this TurboTax website for IRS Forms availability - https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

Estimated dates available for Schedule D and Form 8949 - 01/14/2021 (subject to change)

[dazedandconfused4]

If Turbotax would allow us to enter fields manually on Schedule D, we could at least get estimates and make plans before the end of the year, and change them later when final forms come out.  Instead there is no option to enter info manually; click on a field and nothing happens. Turbotax needs to change this.  We should be able to enter ALL fields manually.

[DoninGA]

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@dazedandconfused4 wrote:

If Turbotax would allow us to enter fields manually on Schedule D, we could at least get estimates and make plans before the end of the year, and change them later when final forms come out.  Instead there is no option to enter info manually; click on a field and nothing happens. Turbotax needs to change this.  We should be able to enter ALL fields manually.

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Using the TurboTax desktop CD/Download editions you can enter tax data on the forms, schedules and worksheets directly using Forms mode.  This option is not available on the TurboTax online editions.

[david9821]

I'm just doing double work instead, since the date of 1/14/21 is now given as to when stocks can be entered, previously I was told it would be mid-December.

I now used the 2019 edition, created a new tax form for my 2020 data. Changing dates for stock transactions by 1 year so long and short  is processed correctly. It looks like for estimate purposes this will work for my needs. I have my doubts that that reply about using forms will work. I need the TurboTax interface.  I have a 2019 and 2020 Premier version.

[dazedandconfused4]

I am using the desktop CD edition.  You cannot enter information manually, at least on Schedule D.  You click on the field and try to enter a number, and nothing happens.  This was confirmed by a customer care rep about a different issue.  If you know a workaround I'd love to know about it.

[DoninGA]

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@dazedandconfused4 wrote:

I am using the desktop CD edition.  You cannot enter information manually, at least on Schedule D.  You click on the field and try to enter a number, and nothing happens.  This was confirmed by a customer care rep about a different issue.  If you know a workaround I'd love to know about it.

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For investment sales use the Form 1099-B Worksheet.  It will transfer the information to the Schedule D.

[dazedandconfused4]

I filled out the 1099-B with estimates.  But Schedule D remains blank, and as far as I can tell my 1040 is also unaffected.  The point of this is to estimate how this affects my bottom line, so so far this is not useful.

[DoninGA]

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@dazedandconfused4 wrote:

I filled out the 1099-B with estimates.  But Schedule D remains blank, and as far as I can tell my 1040 is also unaffected.  The point of this is to estimate how this affects my bottom line, so so far this is not useful.

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I entered Proceeds and Cost (Long Term) on the 1099-B Worksheet and that information was transferred to the Schedule D Line 8a in columns d, e and h.  The gain was entered on Form 1040 Line 7

[dazedandconfused4]

Yes, that worked. I had entered the info in the Quick Entry Table rather than the "Form 8949 Reporting Exception Transactions."  Not exactly an intuitive process. Thank you so much for all your help and persistence!

[mavante2020]

I need this as well.  For now, I created a single 1099-Div Form and input the total realized long-term cap gains.  It's a hack, not completely accurate, but at least I can play around with various scenarios for 2020 and get a sense of the impact. Once everything is ready in Jan(?), I will delete that particular 1099-Div.

[Capt36]

The way the Trump people at IRS are stalling...., it will be 21Jan21, before the forms that we needed for year-end stock sales..., will be available..... The curiosity will be: When will Trumps's stallers be gone...!!!....???

[Capt36]

Why won't TurboTax allow these entries, but have them not be used for filling, until the final...? IRS releases of these forms....?

[Mike9241]

strongly recommend that if you manually input schedule D data, you wait for the 1099B from the broker so you can check the numbers.  there can be reasons why your numbers may differ from the broker's form.  one common area is return of capital dividend. the brokers are usually not informed of this until after year end. then they go ahead and reduce the basis of that stock increasing gain or decreasing loss. any in that case your numbers and the brokers will not agree.  

[HS8]

It is unconscionable that Turbotax does NOT have some sort of calculator or estimator where we can add stock/ funds sales info and get SOME estimate of our AGI, then MAGI so we can calculate how much in IRAs we can convert to ROTH without violating Medicare limits and incurring more costs later. AND these conversions must be done this calendar year!!!! Jan is NOT an option! I feel disgusted with T Tax for not making an effort to allow us to put in placeholders even if the law is not done.