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turbo tax still not complete
Old 12-27-2020, 04:12 PM   #1
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turbo tax still not complete

For the first time in my life, I downloaded turbo tax and started doing my 2020 tax return early (using all of my estimates). Got to the stock section and got a message that the government hasn't provided that section yet. This is my first year in retirement and I was hoping to confirm the numbers (and my assumptions) in my spreadsheet to zero in what I should pay for my 4th quarter tax payment and also determine how much more I can roll to my Roth IRA and stay in the 24% tax bracket.

How does everyone else do this if TurboTax is not yet fully functional?
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Old 12-27-2020, 04:26 PM   #2
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I use the previous year's TTax program with the What-If form. You can find it by going to Forms mode (Ctrl+2 or Cmd+2) and searching for What-If. Copy your numbers to a new column and check the box to use the next year's tax rates. Then you can adjust the numbers to account for any changes from the previous year. This generally works well enough if your changes from year-to-year aren't too drastic and the cost of making a mistake is small.

If you have more complex things like the one-time sale of a home or carryover loss limitations, then it can be worth doing a whole new return with the previous year's software that reflects the current year situation. Then you can use What-If and just check the box to use the new tax rates without having to tweak any numbers. This can be a lot of work if you have to setup multiple rental properites and depreciation from scratch, but if you're worried about ACA cliffs and things like that it may be worth the effort.
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Old 12-27-2020, 04:27 PM   #3
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A combination of trusting my spreadsheet, using safe harbor, and trying to get "close enough". I don't mind paying a few dollars or getting back a few when I file my taxes.
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Old 12-27-2020, 04:33 PM   #4
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Originally Posted by Ole Red 29 View Post
How does everyone else do this if TurboTax is not yet fully functional?
What the others said. And do know that this isn't the fault of anyone foot-dragging at TurboTax. No one else's tax software is complete now either. They couldn't be since the IRS, or in some cases Congress, hasn't yet made final decisions on issues that have to be incorporated into the software.
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Old 12-27-2020, 04:47 PM   #5
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What the others said. And do know that this isn't the fault of anyone foot-dragging at TurboTax. No one else's tax software is complete now either. They couldn't be since the IRS, or in some cases Congress, hasn't yet made final decisions on issues that have to be incorporated into the software.
^^^This. I don’t recall TurboTax being this late with major chunks of their forms/functionality in previous years. I suspect COVID is to blame in more ways than one. As others have said, I use the previous year version for my estimations until the current year version is ready.

Even once you can use most of the form functionality, TurboTax will continue to provide updates in January and February and we’ll beyond. They will prevent you from filing if they are still working on an update that would impact the filing.
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Old 12-27-2020, 05:14 PM   #6
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There are tax measures in the stimulus bill that has been passed but not yet signed into law. That is enough to keep the IRS from giving the ďall clearĒ to tax preparers. This isnít unusual, quite often there are last minute bills passed with retroactive tax measures, and the tax sw companies donít get final versions out until mid-January.
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Old 12-27-2020, 05:29 PM   #7
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Originally Posted by Ole Red 29 View Post
For the first time in my life, I downloaded turbo tax and started doing my 2020 tax return early (using all of my estimates). Got to the stock section and got a message that the government hasn't provided that section yet. This is my first year in retirement and I was hoping to confirm the numbers (and my assumptions) in my spreadsheet to zero in what I should pay for my 4th quarter tax payment and also determine how much more I can roll to my Roth IRA and stay in the 24% tax bracket.

How does everyone else do this if TurboTax is not yet fully functional?
Had the same disappointing experience. I used a spreadsheet (my usual) and checked it using Intuit's Taxcaster.
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Old 12-27-2020, 08:02 PM   #8
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For the last few years, I have been downloading TT by Thanksgiving to help plan final income management (stock sales, Roth conversions, etc). For various reasons mentioned above, it does seem that TT was more settled by now in previous years.

Since things are farther behind this year, I have been doing trial returns in TT 2019 and in the incomplete TT 2020. I have found that some (but certainly not all) things that don't work in the interview mode can be filled in using forms mode. Still, always double check when doing this. As an example, form 5695 had text referring to the 26% solar credit in effect for this year, but the calculation was still using last year's 30% until just recently.
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Old 12-27-2020, 08:07 PM   #9
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I download it in early December and found several sections were incomplete or pending/waiting on the government... As of yesterdays latest updates, "most" elements of what I need are now available.
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Old 12-27-2020, 08:17 PM   #10
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I don't do it. I just load the stuff in as I get it in the mail. By April 15 I'm done.
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Old 12-27-2020, 08:39 PM   #11
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I bought the CD for the 2019 year and there were still updates in March 2020. I expect similiar in the 2020 tax year.

Actually, due to my own fault I filed an amended 2019 return. There was still an update required in May.
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Old 12-27-2020, 08:49 PM   #12
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My guess is those late updates are due to errors in areas that apply to very few people.
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Old 12-27-2020, 09:51 PM   #13
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Quote:
Originally Posted by MichaelB View Post
There are tax measures in the stimulus bill that has been passed but not yet signed into law. That is enough to keep the IRS from giving the ďall clearĒ to tax preparers. This isnít unusual, quite often there are last minute bills passed with retroactive tax measures, and the tax sw companies donít get final versions out until mid-January.
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Old 12-27-2020, 10:02 PM   #14
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In previous years, after April 15th, when I went into an already filed and approved tax return, TT has "updates" to their software. I have no idea what is updated. It has never been an issue from our perspective.
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Old 12-27-2020, 10:26 PM   #15
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Yeah, constant updates even after the 15'th
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