TurboTax Schedule M Book vs Tax Depreciation Difference = Fixed but Doesn't Save

[PK2K]

I'm using TurboTax Business Desktop 2022 & have checked for updates. Here's the issue: My 'book' depreciation is not the same as the 'tax' depreciation and each time that I went through the steps to make the necessary adjustments, plus confirm that there are no errors in the return, if I then saved/exited the software, when I immediately re-opened the return, all of my corrections are gone & schedule M is once again out of balance. Here's the steps, which do include the 'key' to the final 'fix':

1) via step-by-step balance sheet, I chose 'Guide Me' and upon reaching 'assets' I selected 'No Thank You' and enter 27,837 for the correct ending accumulated depreciation balance (screen shots 1 & 2 attached) 

2) then via step-by-step for Income Statement, I proceed until the 'I'll enter a different book depreciation' screens (screenshots 3 & 4 attached)

3) Finally, I confirm that everything is in balance (screenshot 5 attached) plus confirm that the Schedule M 'if book equals tax depreciation' box is no longer checked plus manually re-enter the 'book' depreciation where indicated (screenshot 6 attached)

4) Next, I confirm that schedule M is in balance, run an error check (No errors found) plus the step-by-step reviews. 

5) Finally, I save the file & exit. However, as soon as i re-open the file, Schedule M is out of balance again by the amount of the depreciation difference of $153 (Book $605 vs $452 tax.) (screenshot 7) The only 'good news' is that, even though the Schedule M 'if book equals tax depreciation' box is now checked, I can still manually enter the respective book & tax amounts directly onto the schedule M to bring it back into balance. This time, after 'saving' the file, the tax return will remain 'in balance/error free even after I exit & re-open the file. (screenshots 8 & 9)

 The 'key' step is to be sure to manually enter the book depreciation into the Schedule M Book vs Tax check box area even though this is redundant... All of this is worthy of mention 'just in case' somebody else may encounter similar frustrations or, better yet, if the TurboTax team can see & fix this issue.01-Asset Entry Screen02-Accumulated Depreciation Entry03-Book vs Tax Difference04-Enter Book Depreciation05-All In Balance06-Schedule M Depreciation CheckBox07-Error upon re-opening08-Schedule M Difference09-Schedule M Depreciation CheckBox

[tagteam · Accepted solution]

Thanks!

I will post a link to this thread where the Admins of this board can see your post.

[PK2K]

Excellent, Thank You! 🙂