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Level 2
posted Feb 18, 2023 10:39:47 AM

Error in VA Form 502- treating loss as gain

My LLC Co has a large loss which passes through to Partners on Federal return.  When TT transfers the K1 amounts from the Federal Return/ K1 to the VA state return, it treats it as a gain.  So, despite losing money, it says we have 200k in income and owe VA a huge amount of money.  

 

Should I just override the info on my state return?

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1 Replies
Expert Alumni
Feb 22, 2023 9:59:11 AM

For business:

 

It would be helpful to have a TurboTax ".tax2022" file that is experiencing this issue.

 

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

 

At the top menu in the black line at the top of the page go to Online. 

  1. From the menu, select Send Tax File to Agent. 
  2. You will see a message explaining what the diagnostic copy is.  Click Send and then you will get a Token number. 
  3. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

 

@Lindagmcd