Will Turbo Tax support opportunity zone investments for tax year 2020?

[tagteam · Accepted solution]

The chances that TurboTax will support QOFs are slim to none considering the program has not supported them in the past and the relevant form (Form 8997) is not even in the program at this point.

[jfbutcher2]

But you don’t actually know that.   How do I get an answer from someone at Intuit that actually knows?

[euentgunn]

I would also like to get an answer to this question before deciding if I'm going to buy Turbotax this year.

H&R block top level program supports it, but I don't want to have to move over as it is a pain, but I dont want to have to file on paper again because intuit/turbotax wont support a normal thing like an opportunity zone

[gloriah5200]

No, because Form 8997 will not be supported in TurboTax 2020.

TurboTax Opportunity Zones 2020

[jankermj]

It is hard to understand why TurboTax continues to ignore OZ investment filing.  Most other tax S/W, like Tax Act have supported it since inception. It must be that they are just lazy. Trying to submit online comments does not work as the "system" is unavailable.

[tagteam]

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@jankermj wrote:

It is hard to understand why TurboTax continues to ignore OZ investment filing.  

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There is no way I can be certain, but it is most likely the fact that (a) OZ sunsets after the 2025 tax year and, (b) OZ investing is probably used primarily by taxpayers with more substantial resources and, therefore, less likely to use a product like TurboTax. Either way, they clearly believed it was not worth the effort to support OZ investing.

[Critter-3]

Correct ... it is all about the money ... they will not put any effort into a form that will be used by so few users.  There are several "orphan" forms that TT doesn't handle because the folks who would need them are either too few or  they are less likely to use a DIY program.  

[lite1]

For 2020 returns after having used TT for >decade, I had to migrate to handle OZ investments.  Went to Tax Act and it was the slowest and most cumbersome app to use.  Not talking about doing form 8997 which it handles well, but realized cap gains or K1 forms were tediously time consuming to deal with in comparison to TT.  For knowledgeable filer and unlike TT, in TA it is difficult to get to the actual forms to enter or edit things - most of the time you are forced into the interview/review process which is often a waste of time.  And while TA claims to be cheaper than TT that was definitely not true for me as there are tons of discount codes for TT.
Nice to read that some H&R programs handle things as even though a pain to learn yet another app, I will never use TA again.
As others have indicated TT will not support OZ investments.