Did you have a change in ownership?
If so, did you so indicate in the About Your Business section?
Yup. I'm on the section where I'm supposed to edit ownership percentage and it just skips that part. It even erased that value on the forms themselves. I was told by turbo tax it was a known bug. I'm asking if there is a work around or a fix coming soon?
I had my return finished when it forced me to update. The update broke this feature for me and erased my ownership percentages. If I edit existing ownership it skips that step. If I add a new owner it doesn't let me define their ownership.
Yes, I have that screen. And that eventually leads to the Member Summary screen. When you edit that it walks you through details and then right after the very last screen in this example, there USED to be a screen that let you edit the actual ownership percentages. And now that just doesn't ever come up. It just cycles straight back to the Member Summary.
It WAS working for me when I started out, but then when I updated when I was finished it broke it. It erased the profit ownership value from the forms and now that window just won't come up at all.
I arrive at the screen in the screenshot below when I indicate there was an ownership change.
Do you not see that screen?
That is the screen that will not show up for me ever since the update it gave me two weeks ago. :(
Since that screen appears for me but not for you, I would suggest contacting Support (link below) for further troubleshooting.
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
Interesting. If I change business settings to specify that we ownership did NOT change during the year, THEN it lets me input the new ownership percentages. The opposite of what it should be. Hmmm . . .
They called me back and confirmed that it's a bug. Workaround is to click on the "Forms" option in the top-right of the screen and edit the values manually in the form itself. Hopefully they'll fix the bug soon.
I'm curious why others aren't seeing it. For the reference of others I'm on the Downloaded, Windows Desktop version of Business package with the 2/6/2020 update installed. And it was the update from two weeks ago that broke it for me.
@ben21 wrote:I'm curious why others aren't seeing it.
I am curious as well because it works for me on my test returns either way (i.e., it does not matter whether I indicate the partnership had an ownership change or not - I can still change the percentages).
I have to wonder whether the bug only becomes apparent as a result of certain inputs (e.g., number of partners, specific percentages of ownership, et al).
Interesting. So while it did no longer lets me change ownership when pressing Edit on the Member Summary page, it DOES bring me to it later on in the process. It seems they have simply MOVED it.
Or at least it lets me enter Profit Percentages and asks me if that is different from ownership. Previously it asked me in a different section and had me fill in all the values separately.
I'm also having that problem. Did it eventually work for you?
I am having the same problem, but also can't change the ownership percentage in the Forms. Don't know how it changed in the first place. There are 2 shareholders with 50/50 ownership and for some reason one changed to 100% while one stayed at 50% and I can't changed the 100% back to 50%.
@Frustrated7 wrote:
I am having the same problem, but also can't change the ownership percentage in the Forms.
You can change the ownership percentages by indicating there was an ownership change in the Business Info section (About Your Business), but that could create other issues. It would be better to wait for a fix.
I actually could NOT change the ownership percentages by indicating there was an ownership change in the Business Info section. That really was the crux of the problem. The workaround for me was to switch to the FORMS and edit it there manually. But that's been a couple of weeks now and hopefully they've fixed it!!
Nope, its still ongoing. I have two businesses with partnerships, one worked just fine, the other did not, so I wonder it there is something about how one of the returns was filed last year. I'll just use the 'forms' workaround for now, but this should really have been fixed by Intuit.
@realprore wrote:
...I wonder it there is something about how one of the returns was filed last year.
Support was able to determine, in several cases, where a partner (or partners) were indicated to have left the partnership and a few others where it was indicated that the partnership terminated.
The only method to determine if there is a similar anomaly is to open your 2018 returns in the 2018 version of TurboTax Business.
This did end up being the issue, the 'final return' checkbox was toggled incorrectly.
Can someone be more specific? Which form and where does "final return" need to be toggled? and is it in thr 2018 or 2019 form? Thanks!
@gman3651 The issue involves the 2018 version of TurboTax Business (which is then transferred to the 2019 version).
Further, the issue concerns more than the "final" box being checked; it can be anything from that to an indication that a partner left the partnership, the partnership ended, et al.
I have the same problem that Ben21 reports. It is now Sept 12, 3 days before the Sept 15 tax extension deadline. I am surprised that the bug is not fixed.
I am having the same issue in the Downloaded version of TT Business. Ugh! Round and Round I go!
Same problem on our "S Corp" percentages on my 2021 filing. With no answers, this is turning out to be a real S... program.