Why does Investments and Savings have a starting value?

Forum|Forum|1 year ago
February 4, 2025
3 replies
24 views

I am trying to use the online version of Premium, at least that looks like what it is called under the INTUIT turbotax logo in the top left corner. I used TurboTax last year. Why does Investments and Savings have a starting value? I have not entered anything yet for Investments and Savings (1099-B, 1099-INT, 1099-DIV, etc. I deleted the financial institutions that carried over from 2023. Logged off, logged on, the incorrect amount remains.

As a sanity check, I dragged and dropped my return from last years TurboTax into H&R Block, and as expected, it does not include the starting value in Investments and Savings of $5551.00. When I added in my entries, the total was as expected - H&R Block did not include any unknown values.

I have also tried to enter my Investments and Savings info in TurboTax, but the $5551.00 remains (somewhere hidden) and causes the sum of the parts to be $5551.00 too high. If I select Add/Edit the only thing on the page is Capital Loss Carryover: Capital losses used in 2024 $0.00 losses. The dropdown/expand button does show my carryover expected value, which is negative.

Looks like a bug, smells like a bug...

TurboTax Premier Online

waynelappenAuthor

Level 2

Also of note, I reviewed the 1040 as it sits today using the preview function under Tax Tools, Tools, Preview my 1040. 2B shows taxable interest of $5551. There are NO entries under the Add/Edit feature of the category.

the token number (share with agent) is 1267189. Thanks

DianeW777

Level 15

Would you verify your state return? We need that to review your file.

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waynelappenAuthor

Level 2

This can be closed, when I trashed the return and started over, it went away.
In my mind, the amount appearing in Investments and Savings should have an associated line item, or a descriptor indicating where the amount is derived from.

During the reconstruction of the return I realized the amount was from a K-1 I entered incorrectly. If it had been identifiable on Investments and Savings, I could have corrected it instead of starting over.