Variance in net income

[tiarichey]

Hello,

My spreadsheets show $11,000 net income on a flip house that we did but Turbo Tax says the income is $14,000.  I triple checked all of my numbers and they are accurate.  I have input them them into Turbo Tax accurately as well.  I don't want to pay extra taxes on money we didn't make.   Can someone please suggest what could be causing this variance?   

Thank you!

Linda

[Bsch4477]

Since we can’t see your data it would be difficult to give you an intelligent opinion. 

[tiarichey]

Thank you.  Since all of the deductions and income add up correctly but the net income is higher than mine, is it possible that some of the deduction line items in Turbo Tax don't actually qualify as a deduction?  I apologize if this question isn't making sense.  Not sure how to  get it across:)

[Carl]

What costs are on your spreadsheet that either TurboTax did not ask for, or you did not enter?

Now my screen shows you're using TurboTax Business which is only available as a Windows program that you install on your windows computer. So that means you can click the Forms Mode button in the upper right of your screen to see the forms and calculation worksheets. So do that, and just "follow the numbers".

Don't know if it matters or not for your specific and explicit situation, but I might help to know if you're completing a 1065 partnership return or an 1120 or 1120-S corporate return.

[tiarichey]

Thank you so much for this tip.  I'll give it a try.  I'm filing for an LLC as a partnership.

[tagteam]

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@tiarichey wrote:

...is it possible that some of the deduction line items in Turbo Tax don't actually qualify as a deduction?

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One, or more, of the deductions could be separately stated items.

In Forms Mode, look at Schedule K of your 1065.