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.
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.