TurboTax Business 2023 - Incorrect Shareholder Stock Basis (for S Corp) Data Carryover from 2022

[Digger109]

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!

[tagteam · Accepted solution]

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.