The IRS may allow you to defer paying tax on a stock sale if the gain is invested in a Qualified Opportunity Fund.

Whether the gain is reported to you on Schedule K-1 or Form 1099-B, you can follow these steps in the TaxAct program (if you need help accessing Form 1099-B, go to our Form 1099-B - Entering Capital Gains and Losses in Program FAQ):

1. From within your Form 1099-B, on the screen titled Investment Sales - Transaction Details, click the checkbox next to 3. Proceeds are from a Qualified Opportunity Fund.
2. On the screen titled Investment Sales – Adjustment Code(s), click the dropdown below Other adjustment code, then click Z - Deferral of gain invested in QOF.
3. On the screen titled Investment Sales - Adjustment Amount, click the data entry field below Adjustment amount, and enter it as a negative number.
4. On the screen titled Investment Sales - Qualified Opportunity Fund EIN, click the data entry field below Qualified Opportunity Fund EIN, and enter the number.