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Enter Qualified Opportunity Funds (QOF) for Form 8997

This topic gives instructions on how and where to enter data for QOF's so they show in the correct part on Form 8997.

Part I, Form 8997

There are two statements that QOF’s are pulled from for Part I.  The first statement is on Screen Info and it is called
Record of stock purchases
.  If a line item has a date entered in column Date Acq’d that is earlier than the current tax year, and there is a code Z or Y in either column Adj Code or Adj Code 2, it will transfer to Part I.  The second statement is on Screen B&D and it is called
Qualified Opportunity Fund (QOF) detail
. If a line item has a date entered in column Date QOF Acquired that is earlier than the current tax year, it will transfer to Part I.

Part II, Form 8997

There are three statements that QOF’s are pulled from for Part II.  The first statement is on Screen B&D and it is called
Schedule for detail
 in the Schedule D/Form 8949/Form 8997 section.  If a line item has a date entered in column Date Acq’d that is in the current tax year, and there is a code Z in either column Adj Code or Adj Code 2, it will transfer to Part II.  The second statement is on Screen Broker and it is called
Proceeds from broker transactions
.  If a line item has a date entered in column Date Acq’d that is in the current tax year, and there is a code Z in either column Adj Code or Adj Code 2, it will transfer to Part II.  The third statement is on Screen B&D and it is called
Qualified Opportunity Fund (QOF) detail
. If a line item has a date entered in column Date QOF Acquired that is in the current tax year, it will transfer to Part II.

Part III, Form 8997

There are three statements that QOF’s are pulled from for Part III.  The first statement is on Screen B&D and it is called
Schedule for detail
 in the Schedule D/Form 8949/Form 8997 section.  If a line item has a code Y in either column Adj Code or Adj Code 2, it will transfer to Part III.  The second statement is on Screen Broker and it is called
Proceeds from broker transactions
. If a line item has a code Y in either column Adj Code or Adj Code 2, it will transfer to Part III.  The third statement is on Screen B&D and it is called
Qualified Opportunity Fund (QOF) detail
. If a line item has a date entered in column Date Sold or Transferred that is in the current tax year, it will transfer to Part III.

Part IV, Form 8997

There are three statements that QOF’s are pulled from for Part IV.  The first statement is on Screen B&D and it is called
Schedule for detail
 in the Schedule D/Form 8949/Form 8997 section.  If a line item has a code Z in either column Adj Code or Adj Code 2, it will transfer to Part IV.  The second statement is on Screen Broker and it is called
Proceeds from broker transactions
.  If a line item has a code Z in either column Adj Code or Adj Code 2, it will transfer to Part IV.  The third statement is on Screen B&D and it is called
Qualified Opportunity Fund (QOF) detail
. If a line item has a date entered in column Date QOF Acquired and nothing entered in column Date Sold or Transferred, it will transfer to Part IV.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
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