turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

gunkiran
New Member

Turbo Tax Business - Deductions - Common Business Expenses in mixed with payments to Independent Contractors

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. 

Ex: 

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.

 

 

 

 

3 Replies

Turbo Tax Business - Deductions - Common Business Expenses in mixed with payments to Independent Contractors

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 ?   

gunkiran
New Member

Turbo Tax Business - Deductions - Common Business Expenses in mixed with payments to Independent Contractors

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

Turbo Tax Business - Deductions - Common Business Expenses in mixed with payments to Independent Contractors

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. 

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies