Turbotax Business is the Product.
In the "Compensation & Benefits" Entered the payments made to Independent Contractors. This is a positive value.
In Common Business Expenses, entered individual amounts. This total always gets mixed with the payment amount entered to Independent Contractors.
Payment to Independent Contractors = $150,000
Common Business Expenses Entered Total = $15,000
The Total on Common Business Expenses is showing as : $15,000-$150,000 = -$135,000
This is strange. Appreciate any help.
Stop looking at the sometimes confusing summary screens and switch to the FORMS mode to review the actual tax forms... are all the correct amounts in the correct places ?
indeed. Went into the forms and fixed the amounts.
The payments entered for independent contractors was not carried as a business expense there by resulting in a huge net for the business.
Likely a bug in the software in the step-by-step flow.
I'm all set with the issue
I found exactly the same problem. This will make my balance sheet not balanced anymore.
I am using Turbo Tax Business, Desktop Windows, version.
The problem was not there when last time I worked on my tax return 07/03/2022.
The problem showed up when I made the software update on 09/04/2022 to WinBiz, [phone number removed].
It looked to me as a software bug. Could someone look into this and provide a fix? The extended tax file deadline of 09/15/2022 is just around the corner. Thanks.
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