Form 8960 was realeased by the IRS on 1/24/14 but Turbo Tax keeps delaying it's release every week, for another week! The only excuse that I've seen on here is that they are checking it for security issues. I'm calling BS on this as they have had access to the draft form for months! When is TT actually going to make this form available and stop extending the dates? And why should we keep waiting for this form when other providers already have it available? Very Frustrating!
Although we have not had further guidance from IRS, we will enable the filing of Form 8960 late on Feb. 26 (or possibly early the next morning) based on draft instructions.
At that time, you can choose to file based on draft instructions or wait until the IRS issues final guidance. Those using the software version of TurboTax will have to update TurboTax.
If you make the decision to file now, you may need to amend your return if the final instructions produce a tax liability different than the liability computed using draft instructions. You assume responsibility for checking for product updates to determine if the final instructions require an amended return and for paying any additional tax and interest.
If you decide to wait on final IRS instructions, we will give you the option (in the product) to be notified by email when the form and instructions are final.
I know many of you were not happy having to wait, just as we were not either. We heard your pleas and have made the changes to give you the choice to proceed in a manner that works best for you.
Bob Meighan, VP TurboTax
It was the 06 and then the 20th and now it's the 27th. i'm taking my business somewhere else too.
, TurboTax EmployeeEmployee
Good evening - i have some late-breaking information that might be helpful to some of you. Please read below for the details:
Although the IRS has released Form 8960 as final, they haven't released the final instructions yet for this form. People with the following forms or schedules will have to wait:
- Schedules C, E, F and K-1's
- Forms 4835 and 8814
Because these instructions affect your tax, we are holding off on allowing the form to be filed. As soon as the IRS releases them, we will update this form and you will be able to file your return. If you know you have a Form 8960 but none of the other forms, you can file your tax return starting late afternoon or evening on February 21.
I think there is a bit of unjustified rage happening in this thread - it is just a tax form folks. You're free to take your business elsewhere.
That said, I think I'm going to take my business elsewhere. I've been happily using TurboTax for 10 years, but honestly, tax prep is a commodity service unless you make seven figures and have all sorts of complex income. And if you're in that situation, you're not using TurboTax anyway, you're paying Deloitte $10k+ to do your return.
TurboTax online was first to the game and had the best service. Now competitors have caught up (e.g. TaxACT), and offer the same service for 1/3 the price. It's just like any other industry - when the leader starts slacking, someone else comes along and does it better. TurboTax will either meet consumer needs, or it will cease to exist. No need to get cranky about it :)
Turbo Tax should let people know up front about this issue and not after they have taken your money for the product and you have entered all your tax information. This seems like misleading, especially when the ads read that one can fed file asap. That is not the case.
Just download the form from the irs website (its available), fill it out, and put in place of the draft form you print from TT. This makes you have to file by mail, but thats the way I file to begin with. TT can kiss it.
I run a project management office for a living. The whole time, it seems that we were waiting for a form from the IRS. After reading the responses here, it seems that the dependency is internal to Intuit. If that is teh case (correct me if I am wrong) this appears to be sheer incompetence of managing on-time project delivery from an intuit perspective. They have an entire year to prepare for a release of a new product. Then after communicating a date to end-users and customers who are dependent on this software, the date slips, over and over again. IF the dependency was/is the IRS, then set expectations appropriately and understand what the likely risks are that may impact the date. Irrespective of technical issues, having this date move 3 separate occasions is simply unacceptable to me.
I've been a Turbotax customer for years, but, ever hopeful at first, I then grew tired with Turbotax's delays with Form 8960. I re-did my taxes in Taxcut, and then (ta-da!) e-filed my tax return on 2/19 with no problems. Thanks Taxcut!
All… Your complaints, frustrations and anger are clearly heard and felt by all of us at TurboTax. We share your frustration. Again, we hear you and share your frustration!
I posted 3 days ago about the reasons for the delay with Form 8960 and will give you an update as well as some background for those reading this for the first time.
What’s Holding Up Form 8960?
Although Form 8960 is “final”, the instructions for computing the tax on investment income have not been released by the IRS. In other words, we do not have official, final guidance on how to compute Form 8960. This is true of all tax software providers and tax preparers. We do have the basic guidelines, but we have also been told by the most senior IRS officials that the final instructions for Form 8960 will definitely change from the preliminary ones we have now. Again, the calculations for Form 8960 will change when the IRS releases the final instructions.
What is TurboTax Doing?
Because the calculations for Form 8960 will change, we have been reluctant to allow taxpayers to file a return that may result in an incorrect tax and require the filing of an amended return. While you may think you are not affected by Form 8960, TurboTax is holding it because some element in your return is definitely triggering Form 8960. That element may be small or immaterial, but it is a factor in computing Form 8960. Ultimately, that item may not have any effect on your return, but until final rules are issued, we don’t know.
However, based on additional IRS guidance recently received, we enabled the filing of Form 8960 two days ago for the majority of filers affected by this form. However, some filers will still be precluded from filing Form 8960 if it appears that the pending IRS changes will affect your return.
What Does the IRS Say?
In response to our questions regarding Form 8960 final instructions, the IRS stated, "Unfortunately we do not have a timeframe. We are working hard to finalize the instructions and we will post them as soon as possible."
What Can Filers Do Now?
For most filers affected by Form 8960, download the latest TurboTax update to see if you can file. As noted above, a minority of filers will still have to wait until we get final instructions from the IRS. For those who believe they have to file now without regard to consequences, you can delete the items in your return that are triggering Form 8960 and file. But that also means you will have to file an amended return once Form 8960 is enabled for all filers. That is your choice and one that we are neither encouraging nor advocating.
What is the Competition Doing?
As of a couple of days ago, all the major tax software providers (and most CPAs) with the exception of one were not allowing the filing of Form 8960. Although we received verbal assurances from their agents that they were, the reality is that when we tested their software, the returns were in fact blocked. So what you may hear and experience from competitors are likely to be different.
Questions and Final Word
When we receive additional information on this topic, it will be posted here first. Please do not call our agents as they will not have any better answers or more recent information than what is posted here from us.
Thank you for hanging in there and please know that we are doing everything humanly possible to get the final instructions from the IRS. We know you want your refund!
Bob Meighan, VP TurboTax
Its funny that people are mad a turbotax for not filing their return even though the final instructions from the IRS are not complete, when it would be pure negligence to actually file taxes on behalf of consumers prior to the release
After having enough of TT delaying the form, I started shopping around and found that TaxAct had the forms available. I transferred my information over to TaxAct pretty easily by opening my TT info in one window and entering into TaxAct in another, all toll, it took about two hours. I'm a firm believer that the market will regulate it's self and substandard businesses will go by the way side, I practiced that belief today by giving my business to a TT competitor.
PS-TaxAct was a fraction of the price of TT and my state and federal returns were accepted within 24 hours of e-filing.
Although Form 8960 is available to print from the IRS website, the instructions for computing the form are NOT final. At this time, we only have draft instructions which the IRS has advised us WILL change. Once we have the finalized instructions, we will work to get the form finalized in the program as quickly as we can. We are not filing with the draft version of the instructions because the accuracy of our customer's tax returns is of utmost importance to us and we felt it would be irresponsible to finalize the form knowing the computation would likely change, thus requiring customers that already filed to have to amend their returns. Again, the IRS has announced that the final instructions will change from what are currently available.
You can see the draft version of the Form 8960 Instructions here:
You can see the availability dates for Form 8960 (and all the other forms) here:
I apologize for the delay, the IRS released the form not too long ago, TurboTax is working to get it implemented into the program. This form will be available 2/27 so there's not much wait left!
Here's a link of availability dates.
I hope this helps you,
I have been waiting for so long to file my taxes and they keep delaying finalizing form 8960 and they won't let me file my state tax return either, its so frustrating, i guess I am just going to switch to H&R block, what a waste of time on Turbo Tax. I am also worried about identity thieves filing taxes on my behalf if I continue to have delays in filing my taxes and also I am waiting on much needed refund. Will probably not return to turbo tax given there bull crap.
Let's go to route cause of why the instructions are not ready. The ACA created the tax for "wealthy" individuals who were not paying "their fair share". Do you really think the IRS is working their tail off to get the instructions done? These instructions after an after thought to the impact of ACA which has and will be an unmitigated disaster. Congrats on qualifying to pay this success penalty. Now sit and wait for the instructions, cause the IRS is in no hurry to help the newly defined "wealthy". Don't blame TT. If you want to file yor return without the instructions go for it. Your acting just like the elected officials that passed the ACA without reading it.
Geez, turbo tax GET IT together. I will NOT be wasting my money on your software again. How hard can it be to load ONE form into the software? Sounds like the whole Obamacare website glitch....nothing but excuses Americans are fed up with computer software issues.
Is there any part of the statement ... The final regulations have not been released by the IRS ..... that anybody here does not understand?????
I want my refund like everyone else, but not at the risk of having to file an amended return ... Grow up people
I am very confused. My turbo tax return says I will be able to file by Feb 22, however, a response by a TT employee says Feb 27. It seems that TT should remove all answers above from all of their staff and craft an official response. Too many responses makes it confusing.
Possibly the next morning? I must print this out on Thursday night in order to make the financial aid (IDOC) deadline by two-day USPS. This is cutting it uncomfortably close; moreover, I have a job, client meetings, etc. So much for convenience.
TT, can I believe you on either Thursday night or at worst case Friday? (PLEASE REPLY.) Another slip to another promise date would be a disaster to financial aid...and I don't now what recourse I would have. If you could PLEASE release it sooner, like now or Tuesday, this would give me more time.
"I" am not a singularity; there are many who are disconcerted about your policy, which takes choice away from the hands of consumers...and causes us to distrust any statement you make on this board.
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