Question

When will capital gain tax deferral for qualified opportunity zone fund investment be supported?

Forum|Forum|5 years ago
July 16, 2020
1 reply
0 views

The only way I could find to take this deferral was to enter/override fields on Form 8949 but then TurboTax wouldn't allow me to file electronically with those "errors". As such, I had to print and mail my return. I won't use TurboTax next year if this isn't implemented/corrected by then.

macuser_22

Employee

That is a situation that TurboTax does not support.

31. Deferred Gains for Qualified Opportunity Funds (Form 8949 for Codes Y and Z): The program
does not support the reporting of deferring tax on an eligible gain by investing in a QOF, by using
Code “Z” in column (f). The program does not support the reporting of the amount of eligible gain
that you previously deferred and now need to recognize by using Code “Y” in column (f)

https://ttlc.intuit.com/community/choosing-a-product/help/are-there-any-personal-individual-tax-situations-or-calculations-that-turbotax-doesn-t-handle/00/26220

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

B

bhughes6630Author

Yes, I know that which is why I had to manually enter the data on form 8949 via override... which then meant I could no longer submit the return electronically, so had to print and mail. I'm asking when, if there is a TurboTax rep online, this will be implemented. If there are no plans to do so, which I'm hearing, then I'll need to find another tax filing program which is unfortunate as I've been using TurboTax for decades.

Critter-3

Doubtful any DIY program will ever support that form/calculation and I doubt they ever will since there is so little demand for this situation. Many forms are orphans due to lack of need. Most who find themselves in need of this use paid tax preparers and do not try it themselves.