topic 2024 Business software for S-Corp issue in Get your taxes done using TurboTax

2024 Business software for S-Corp issue

KenBruin — Tue, 21 Jan 2025 18:27:23 GMT

Anyone encounter a software glitch on the Schedule L (Balance Sheet) section? The Total Assets don't balance with Liabilities and Equity since Accumulated Depreciation isn't subtracted from Buildings and Depreciable Assets to arrive at remaining EOY Depreciable Asset Balance. Instead, TT carries the Accumulated Depreciation as the EOY Asset Balance, which creates the error. Contacted TT support, who was totally useless and tried to blame the out of balance amounts to my bookkeeping. Don't know what to do since TT support doesn't understand accounting.

Re: 2024 Business software for S-Corp issue

AnnetteB6 — Wed, 22 Jan 2025 19:41:50 GMT

In order to take a closer look at the situation you described, it would be useful to have a diagnostic copy of your tax data file. The diagnostic file will not contain personally identifiable information, only numbers related to your tax forms.

If you would like to provide us with the diagnostic file, follow the instructions below and post the token number in a follow-up thread.

Using TurboTax Business, follow these steps:

Select Online at the top of the screen.
Select Send Tax File to Agent.
Click OK.
Post the token number here.

Re: 2024 Business software for S-Corp issue

KenBruin — Wed, 22 Jan 2025 23:35:44 GMT

Token1045849345-66376357

Thanks.

Re: 2024 Business software for S-Corp issue

AnnetteB6 — Wed, 22 Jan 2025 22:28:26 GMT

Thank you for sharing your token number. Unfortunately, the system thought it looked like a phone number and it was automatically redacted. Would you please share it again, perhaps using words?

@KenBruin

Re: 2024 Business software for S-Corp issue

KenBruin — Wed, 22 Jan 2025 22:47:43 GMT

one zero four five eight four nine three four five DASH six six three seven six three five seven

Re: 2024 Business software for S-Corp issue

AnnetteB6 — Tue, 28 Jan 2025 19:45:58 GMT

Thank you for providing the token number a couple of times. The development team is working to correct the experience you witnessed in your return. It is tentatively expected to be released in an update over the next week or so.

@KenBruin