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

[brobbinsvb]

I did see that Form 502, PTET number and type of owners line a was fixed and now accepts 0.

But I am not seeing this issue fixed with the latest software upgrade where having negative numbers leaves the form incomplete.

I completed the forms using step-by-step and in doing so I end up with negative numbers in the following locations - 

Distributive or Pro Rata Income and Deductions Line 1 (example) -100

Allocation and Apportionment line 6 (example) -100

Virginia Subtractions line 14 (example) 50

Virginia Subtractions line 18 (example) 50

Section 1 Income Line 1 (example) -100 (line is Red highlighted)

Section 1 Income Line 3 (example) -100 (line is Red highlighted)

Section 1 Income Line 4 (example) 50

Section 1 Income Line 5 (example) -150 (line is Red highlighted)

Section 2 Tax Calculation Line 6 (example) -150

Section 2 Tax Calculation Line 7 (example) -9 (line is Red highlighted)

Trying to determine why this is auto-populating with numbers it does not accept

[DaveF1006]

Go to the forms mode in your return and see if you edit can the red highlighted areas of the Form 502, PTET  and change the negative values to 0.  Chances are, this hasn't been addressed in a Turbo Tax update. 

@brobbinsvb 

[Differential]

Yes, this issue has not been fully addressed in TT.  You can now enter a negative amount in Line 1 Total taxable Income amounts but you have to enter 0 in Section I - Owners share of taxable income (TT does not allow a negative number)

[HopeS]

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 

[jjwomack5]

I have all updates applied and I'm still not allowed to have a negative amount in Section II Line 7.  VA Tax form instructions don't indicate that having a negative # is invalid.  Please advise!

[HopeS]

It depends on whether or not you are filing a nonresident or resident return.

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 (a 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 filing your return.

Here are suggestions for non-resident filers. 

1. Within your tax return using 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

If the above does not work, delete the Form in the Tools menu, and reenter the State. See instructions below:

Here's how to Delete and Start over:

1. Sign in to TurboTax and open or continue your return, if you haven't already.
2. Select Tax Tools from the left menu, then delete the State.
3. Answer Yes to confirm.

How to add a State:

1. Sign in to TurboTax.
2. Now select Add a state (this reopens your return) ...
3. Select State from the left menu.
4. On the Let's get your state taxes done right screen, select Continue and follow the instructions.

@jjwomack5 

[jjwomack5]

Thank you for the quick response! 

BTW - I'm using TT Business 2022 Desktop version. 

This is not for Non-Resident.  Section I.5 equals a negative # under column B.  Then in Section II.6 TT has that same negative # which is then multiplied by 5.75 on II.7 which comes out to be a negative #.  As you said, I can override it but then I can't file it.

I started my taxes several weeks ago and ran into this.  So, I waited for TT updates hoping it would correct the error.  I restarted today by removing State and starting over and I'm stuck in the same spot with this negative number.  

[PatriciaV]

This is a calculation error in that you pay no tax when you report a loss. Enter zero in Section I -- Income, Line 1 Owners' share of taxable income, Column B Resident Owners. This will allow you to complete and e-file your return.

@jjwomack5 

[sbphotopoq]

Thank you!  That got me past the negative number problem, but for some reason, TT still will not let me efile.  I seem to be stuck in an endless loop of review.  I tell it to efile, and it starts to send it, and then, comes back and says, "We need stuff that we didn't need before", and shows me screens that have no red fields on them.  I see no errors, and when I right click and tell it to show the next error, it goes to the company name (which came from the Federal Return), or some other field - complete nonsense.  I am at my wit's end, I have been fighting with this for months (obviously).  Any suggestions would be appreciated.  Thank you again for the suggestion.