How doe we enter negative number (loss) in Form 502 PTET, Section I

[Differential]

TurboTax is not allowing entry of a negative number - a loss - in Form 502 PTET 

I am attempting to complete VA state taxes (for 2022) in TurboTax for my S-Corp and have a loss for 2022. I need to enter a negative number in Section I, Owners share of taxable income (Line 1) and then a loss in Section II Line6, and 7. TurboTax comes back with an error:"Form 502 PTET Sec II Line 7. Tax invalid for State Electronic Filing. Negative numbers are not allowed in this field"

Can I not file VA State Tax Return electronically?

[PatriciaV]

Although the instructions for Virginia Form 502 PTET Section 1 Line 1 indicate that you may enter a loss (negative number), Section 2 should result in zero tax (negative number multiplied by 5.75% tax rate for 2022). TurboTax will calculate this number for you. Please use Forms Mode to verify the calculation is correct in Section 2. Overriding any calculated number will prevent you from efiling your return.

Note that Form 502 PTET will be available for efiling on 1/27/2023 (see this table).

[Differential]

TurboTax is not allowing entry of a negative number (loss) in Form PTET Section 1 Line 1. It keeps giving an error when I enter the loss amount as a negative number.  How do I overcome this situation? 

[DaveF1006]

It depends. How are you entering the negative number?  Are you entering with parenthesis or with a minus sign in front of the number?  Try with the minus sign in front of the number if you haven't done so already. 

[Differential]

I entered the negative number with a minus sign and it gave me an error!

[ThomasM125]

The line one instructions to form 502PTET reference Virginia taxable income. If your income is negative, then it would not be taxable so it would be acceptable to enter zero or no income.

Here is a link to the form and instructions:   Form 502PTET

[Differential]

Per your suggestion I entered 0 for taxable income and managed to get past the problem. Thanks!

TurboTax does not allow the entry of 0 for individual and fiduciary non resident owners in the 502PTET form "Number and Types of Owners" in the "Pass-Through Entity Information" Section.

I don't have any non (VA) resident owners and cannot get past this error

Any tip on how to get past this error?

Thank you

[PatriciaV]

While the specific instructions for Virginia Form 502 PTET do not specify how to report zero non-resident owners, you might try leaving that box blank. This is the usual method when the answer is "null."

@Differential

[Differential]

I did try leaving the box blank (for number of non resident owners) and that did not work!

[AliciaP1]

There is a known issue in TurboTax Business regarding the VA 502PTET form.  You can clear the nonresident owner information by following these steps:

1. Within your tax return use the Forms icon to switch to Forms mode
2. Scroll down in the left-hand menu and click on Form 502, PTET
3. Scroll down to Section I - Income
4. Use the + to the left of each highlighted red box under Column A Nonresident Owners
5. In the pop-up window, check the box at the top Check this box to NOT print this supporting statement
6. Repeat steps 4 & 5 for each red box
7. Go back to Step-by-Step mode with the icon at the top of the screen and continue your review of your returns

@Differential

[Differential]

I followed the steps you indicated but to no avail - it brings me back to forcing an entry for non resident owners. I have uploaded my TurboTax diagnostic file - Token# 1060542

Thanks

[adelgado85]

I have the same issue. I'm trying to efile my Virginia taxes and it keeps forcing me back to have an entry for non residents owners. I enter 0 because I have none and it shows an error. I leave it blank and it also shows an error. Please advise. Thanks.

[adelgado85]

I have the same issue. I'm trying to efile my Virginia taxes and it keeps forcing me back to have an entry for non residents owners. I enter 0 because I have none and it shows an error. I leave it blank and it also shows an error. Please advise. Thanks.

[Differential]

I have not heard back from TurboTax - still waiting for a solution!

[CarissaM]

This issue has been resolved in an update. 

Please follow the instructions here to manually update the Turbo Tax software and try to file again. 

If you are using the Turbo Tax Business, please click here for instructions. @Differential