The key is to find out the magic number to enter into the Book Income (Loss) field.
To do this, you may first enter a number X0 that, you think, is close to the correct number. Then click Continue. The next page will show you the Tax Income (Loss) based on Tax Return calculation. Write down this number Y. Then click Continue. On the next page check Federal Income Tax, Depreciation, and Meals & Entertainment. Click Continue. On the new page, check My book income (loss) includes the federal income tax expense (accrual) of $XX,XXX. Then click Continue. On the new page, check Yes. Book expense equals total tax depreciation and amortization of $YY,YYY. Then click Continue. Click Continue on the Meals and Entertainment page. Then a page called Review Uncommon Book/Tax Differences will show up with a table. This table, named Book/Return Income (Loss) Reconciliation Wks, is all you need to calculate the correct number Z. Scroll up to the top, you will find out your entered number X0. Scroll down to the bottom, you will find out the line called Income (Form 1120, Line 28) – line 6 less than line 9 at the bottom. To its right there is a number P. Write down this number P. Then the correct value Z you should enter into the Book Income (Loss) field to get in balance is X=X0+(Y-Z). That simple!
In summary, do not waste your time. Just enter an estimated number X0 into the Book Income (Loss) field. On the next page write down the number Y to the right of row Tax Income (Loss) and under column Tax Return. You may click the back bottom to go back to the previous page for Book/Return Income (Loss) Reconciliation Wks. Scroll down to the bottom line Income (Form 1120, Line 28) – line 6 less than line 9 and write down the number Z. Your correct number for the Book Income (Loss) field is X=X0+Y-Z.
Do not call Intuit or TurboTax. Most of the people there do not know the answer because they never used the TurboTax Business software in life. Many of them even do not understand your question. The support at TurboTax is poor and unacceptable.
I hope turboTax can modify its software. After you key in your trial number X0, TurboTax will popup a new number X=X0+Y-Z saying did you mean this X number? It is simple.
