Using TurboTax Business 2023 and used TurboTax Business 2022 last year for our S Corp.
Two shareholders, A and B.
On the two associated "S Corporation Shareholder Stock and Debt Basis Limitation Worksheet"'s, incorrect amounts against Line 1 ("Stock basis at the beginning of the corporation's tax year") are being reported.
For shareholder A, the amount being thusly reported is the previous year's "end of year" stock basis that applies to shareholder B.
For shareholder B, there is nothing being reported against said Line 1.
I made manual corrections to said Worksheets.
Questions: Is this a bug for this year, or did I make some kind of a mistake? Are the corrections I made sufficient to prevent further problems?
TIA!
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This scenario has been an issue in the past and also reported with regard to the 2023 program.
For whatever reason, some transfers, particularly with S corporations and multi-member LLCs/partnerships, do not quite go off as planned (or as they should).
You should be fine provided you made the appropriate changes on the worksheet.
This scenario has been an issue in the past and also reported with regard to the 2023 program.
For whatever reason, some transfers, particularly with S corporations and multi-member LLCs/partnerships, do not quite go off as planned (or as they should).
You should be fine provided you made the appropriate changes on the worksheet.
Hi, I just realized I'm having the same issue with my state CA tax returns for 2022 and 2023. My Fed tax returns are correct with the shareholder basis worksheet filled in correctly but looks like Turbo Tax Desktop Business 2022 did not generate the CA shareholder basis worksheet, thus the beginning carryforward balance was incorrectly stated as $0 in 2023. A couple of questions here.
1) Do I need to amend my S Corp CA tax return in 2022 to include this Shareholder Stock Basis worksheet? I couldn't find this form or worksheet on the CA FTB website so I'm not even sure it's required in 2022 or 2023.
2) Can I just change the beginning carryforward on the S Corp CA 2024 tax return and not amend the previous state tax returns given it did not change any taxes due? My personal tax returns for Fed and State are all correct on form 7203.
Thank you very much for your help!
Joe
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