When will TurboTax for the 2020 tax year be available?

[Craig_Dedo]

My income and deductions for 2020 are highly irregular.  I'd like to do a pro-forma tax return for 2020 so I know what I owe for 3rd and 4th quarter estimated payments, if any.

[VolvoGirl]

The Desktop program usually comes out in November and the Online version opens in December. 

FOR ONLINE......

To prepare estimates for next year you start with your current return, but be careful not to change anything. If you can't get back into your return, Try this, you can sign back onto your account, click the Visit My Tax Timeline and then under SOME THINGS YOU CAN DO, click on Add a State. This should get you back into your return.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….
Federal Taxes or Personal (H&B/Self Employed version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

To just estimate the remaining quarters put in that you paid $1 for the first and second quarters so it will only calculate the 3rd and 4th quarters.

[DoninGA]

Third quarter estimated tax payments for tax year 2020 are due on September 15, 2020.  Fourth quarter estimated taxes on due on or before January 15, 2021.

The TurboTax desktop CD/Download software for tax year 2020 should be available in November 2020.  The TurboTax online editions for tax year 2020 should be available in December 2020.

You can use the worksheets in the IRS Form 1040-ES for the 2020 estimated taxes - https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Also, see this TurboTax support FAQ for the 2020 estimated taxes - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...

[RickP58]

But when will ALL online capabilities be ready for 2020?  Aren’t you a bit later than normal?  A TurboTax blog claimed Dec 3, but that was obviously wrong!

[RickP58]

But when will ALL online capabilities be ready for 2020?  Aren’t you a bit later than normal?  A TurboTax blog claimed Dec 3, but that was obviously wrong!

[VolvoGirl]

Here's the form availability table

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe... 

And here's the dates I've seen...

Jan 7, 2021 Turbo Tax starts accepting returns

Jan 27, 2021 IRS opens Efiling

[VolvoGirl]

I think Dec 3 was when the Online versions opened to start preparing returns.  But not that all the forms, features, functions and calculations are ready and complete.  

[woopoo1971]

What do I do to get Turbotax 2020 to recognize QCD?  

[macuser_22]

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@woopoo1971 wrote:

What do I do to get Turbotax 2020 to recognize QCD?  

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Qualified charitable distributions.

A qualified charitable distribution (QCD) generally is a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax-deductible contributions. You must be at least age 70½ when the distribution was made. Also, you must have the same type of acknowledgment of your contribution that you would need to claim a deduction for a charitable contribution.

If you are 70 1/2 or older, the interview  if you make a charitable contribution. Answer yes and then enter the QCD amount.

The 1099-R box 1 amount will go in the 1040 form line 4b (taxable amount) minus the QCD amount and the total box 1 amount will go on line 4a with "QCD" next to it.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

[beshvin1]

Why doesn't turbo tax have an approx file in place we can use to determine likely tax due, even if this IRS is dragging its feet?

[ThomasM125]

TurboTax does provide a tax forecasting tool called ""TaxCaster" that you may find helpful. Here is a link to it:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/