I am using the 2023 business version and am filing for a trust. I have entered the information for State and Local Income Taxes field in the deduction section. However, on the form 8960 Line Part II field 9b (State, Local and foreign income tax) the amount does not populate as it should. I had an accountant do the taxes the last 2 years and he entered a value in that field. Please advise.
You may have to use Forms Mode.
That line is for state tax attributable to net investment income.
You cannot not record this is the Forms mode in the return. It is a calculated entry. Instead you would report this in the step by step portion of the program by.
You can enter the figure on that line in Forms Mode if you do an override but note that overrides will void the TurboTax accuracy guarantee and will likely force you to print and mail the return.
Also note that Line 9b is subject to SALT limitations.
Thank you for the screenshot. I guess that I didn't explain myself very well in the first email as that is where I did enter the information for the state taxes. My problem is that is does not use that value on the form 8960 that the system generates to calculate the Net Investment Income tax. It is supposed to use the value in in line 9b but my form is showing 0. I think it is a bug in the software.
Thanks for your help so far and hope you can continue to help resolve this issue.
I have doubts about this being a software bug (although it is possible),
I did a test return and the figures on Form 8960 flow through properly. Of course, if you make a distribution, the figures will change and the form will disappear if you distribute all of the income.
That is interesting that it works for you but not me. I tried removing the value and re-entering it and it still doesn't work. The income is not being distributed to the beneficiaries, so the trust is paying the taxes. The other fields on the 8960 Form are populating okay. Is there something else that would cause that field to not populate?
Thanks
I'm not sure why it would populate for me, but not for you. A software bug would impact the program for everyone using it, not just one user.
You might want to check your inputs in Step-by-Step and Forms Mode to ensure they are correct. Also, that nothing is somehow flowing to the K-1s.
If you want to post figures, I would be willing to input them into a test return.
Thank you for your response. I reentered all my data in a new tax return and the field still did not populate. Since the impact on the tax I would have to pay is so small, I am not going to worry about it this year; however, I have two other issues.
First, I am ready to file the taxes and cannot see the signature attachment. It says that it is attached and to look at it under attachments in the upper right-hand corner, but that does not exist. I have tried to look at the forms, but it only shows the one without the signature. I also looked at what is says it is sending to the IRS and it is not in those documents. I have a screenshot of the application if there is some way to send it to you, I can do that.
Second, why is the direct deposit not available with this software version. I have a refund and want it just deposited to my account.
I am also disappointed that my state tax software is not available. It would have been nice to know this before I purchased this software.
Thanks you,
Susan
I have been out of town so couldn't try your suggestion until today. I am using the software version but cleared the cache anyway. I then updated the software and checked to see if the "Attachement" option was on the screen. It was NOT. I then deleted the original form and created and imported a new one and it is still not showing the "Attachment" Option in the upper right-hand corner. The software tells me the attachment is created but at this point there is no way to verify that it really is. Hopefully you have another option for fixing this issue.
My question about the direct deposit option was not addressed. Can you tell me why this is not available.
Thanks