So, I have purchased the TurboTax personal edition (Home & Business) to complete my personal tax return and Schedule K-1. But the Schedule K-1 is not available.

[MarkH11]

Wait to 2/22? WTF? When does 2/21 not mean 2/21? When it means 2/22.

How about I tell that to the IRS?... wait to 4/16.

Should have been there this morning, but it's now after 5PM ET on 2/21, so its after "close of business," and they STILL don't have it up. Check tomorrow and it will say 2/28.

I mean, seriously, why do they wait until its after their owned self-extended deadline. If they had the fix, they would have pushed it out days ago. But I don't think they have it.

Someone high up in Intuit should lose their jobs over this.

But I also find it interesting that they are essentially dissing small business owners. Has anyone mentioned this crap to CNBC or similar financial news channels? Seems like the ONLY time corporate drones act is after massive press coverage (right Boeing?).

[TheDuke1]

This is from the Intuit chat robot:

"I'm sorry to hear that you're having trouble with TurboTax Deluxe. Schedule K-1 (Form 1120S) is not yet available in TurboTax for the 2023 tax year. The IRS has not yet released the final version of this form, which is causing a delay in its availability in TurboTax. We apologize for any inconvenience this may have caused. Regarding your request for a refund, please note that TurboTax offers a satisfaction guarantee. If you're not satisfied with your purchase, you can request a refund by contacting our customer support team. To do so, please visit our website and click on the "Contact Us" link at the bottom of the page. From there, you can choose to chat with a representative or request a call back. Our team will be happy to assist you with your refund request."

I can honestly say I am not satisfied.

[MarkH11]

Thank you for posting a direct quote of the written lie from Intuit that the IRS has not yet released the form. That is an amazing statement because I downloaded the current K-1/2065/QBI forms from the IRS web site back in JANUARY, MANUALLY filled them out for my partnership, and mailed that return to the IRS at the end of January. The problem (as has been described ad nauseam here) is that I cannot transcribe the key details from those K-1 forms into the individual tax return in TurboTax.

I had ZERO pushback from TurboTax when I asked for a refund. They refunded it to my credit card on 2/19. Just a few days after I requested it. But I also cancelled my auto-renew subscription so that my computer will no longer be infected with the TurboTax virus.

[TheDuke1]

Here's the link to the TurboTax Refund Request: https://intuit.me/3KlfqtK

[dothedeww24]

For anyone wondering,

I submitted a refund request 2 days ago.  Just received an email saying it was denied. "Unable to process".  Time for a phone call tomorrow.  Was planning on returning to turbotax next year, but after this refund denial, theyve lost me.

[Taxmule2]

The K-1 section is available.  I tried this morning (2-22).  It ran an updated dated 2-21.  All set.

In the big picture, I'm interested on how so many people responded with sideways tips on this issue.  Like how a k-1 is a business form.  If they clearly don't understand the issue AND decide to respond, then how many other things do they write on social media that are just wrong too.  LOL.

[jeffreyWI]

I ended up signing up for TaxSlayer and HR Block and ran my numbers through both of those thinking I was going to switch, plus I wanted a heads up on about how much I owe. I haven't submitted anything yet so when I saw I could enter my K-1 into TurboTax today I did. For some reason I owe quite a bit more in federal and state taxes according to TurboTax. Obviously I would love to pay less tax but now which one is correct.

[rcgregory]

Did you complete the steps after entering K-1 to get your QBI deduction?  That would shave something off your tax due.

[jeffreyWI]

Yes I did the QBI deduction.

[Vanessa A]

Does your K-1 have anything listed in box 14?  If it does, does letters a and c appear with a number next to C?  Fourteen C on your k-1 will generate self-employment taxes.  So if you entered it differently, it would result in different outcomes. There could also be something else that you entered different such as a W-2 or 1099.  Did you have tax credits of any sort?

You may want to just double check all your entries.  In reality, all software should come up with the same tax due or refund as they all have the same IRS rules and guidelines to follow. 

[jeffreyWI]

OK, I think I found the extra amount. When I click on explain my taxes, and look at my income, it has a 1099-INT listed for same amount I have in box 4a of my K-1. When I look at my income section, there is no 1099-INT filled out to delete.

[Vanessa A]

 Unless the interest was a large amount, this would not likely result in a big difference in your return. So you may have another issue as well?

Your box 4a guaranteed payments would not produce a 1099-INT or be listed as interest.  Did you  accidentally put the amount in box 5 instead of box 4a?  If you did, this would be listed on your summary screen as interest payments, but the only way to change it would be to go back and edit your K-1.  

The best thing to do is to look at your 1040 form and compare them all.  This will tell you which line you have the discrepancy on.  

On the menu bar on the left that shows. 

1. Select Tax Tools 
2. On the drop-down select Tools 
3. On the pop-up menu 
4. Select View Tax Summary 
5. On the left sidebar, select Preview my 1040 

[TheDuke1]

I'm also getting a higher amount in TurboTax than my test in other software.   Where is this "Explain my taxes" function you mentioned?

[dothedeww24]

Just a followup since my refund for the software was denied.

Turbotax will only refund if you purchased the product less than 60 days ago.  I am on the TurboTax Advantage auto renewal and paid for mine on 11/3/23.  Absolutely ridiculous they wont refund now.  I am very disapointed.

[jeffreyWI]

Online its in the top left corner where it gives you a summary of what you owe in fed and state. click on that it will open a side bar on the right and you can drill down into income. That is where I found a 1099-INT that I did not enter.