topic Error in balance sheet calculation in Get your taxes done using TurboTax

Error in balance sheet calculation

green137 — Tue, 21 Jan 2025 00:19:54 GMT

Schedule L - Balance Sheets per Books

End of tax year columns (c) and (d) lines 10a and 10b.

Subtraction of 10b from equivalent 10a is incorrect. Gives negative of 10b value rather than zero.

Need this fixed asap since it seems to be something that I cannot edit.

Re: Error in balance sheet calculation

PatriciaV — Wed, 22 Jan 2025 14:38:32 GMT

Balance sheet issues are difficult to diagnose in this forum. Perhaps if you posted a screenshot of that portion of your balance sheet, we could try to find a solution.

Otherwise, we often recommend using TurboTax Live Assisted Business, which provides the assistance of a tax expert to work on your return.

Re: Error in balance sheet calculation

green137 — Thu, 23 Jan 2025 17:15:51 GMT

Hi PatriciaV,

Thanks for your reply.

Oddly enough, with saving and then restarting of TurboTax, the calculation error went away.

This suggests that the problem is in figuring out what calculations to redo when data is updated.

With the calculation correctly updated, I was able to proceed and get my taxes filed.

My description refers to the specific entries involved in the incorrect calculation so a screenshot isn't going to provide more information. The problem amounted to x - x is supposed to equal 0. Instead, the result was (-x).

Best regards