Virginia Form 502 PTET Number and Types of owners Error!

[chillestcow]

Negative here.  I am still waiting for a response. Has anyone else on here heard anything?

[Differential]

Nope! Been waiting for over 10 days after having submitted my copy of the return to TurboTax

[Learn101]

I am experiencing the same exact error. Kindly provide a solution asap.

[Learn101]

I got in touch with Turbotax "tax experts" over the phone to see if they could offer a solution. The person I spoke with suggested that I enter the same number for "nonresident" owners as I have for the resident owners. She said this is a "non-issue issue" and can easily be explained to VA tax authorities if they question it. However, since partnerships are pass-through entities and the info will be reported on K1s and through personal tax returns, this should not be an issue. I took the advise and moved forward with e-filling my returns. Will post again if there is an issue or if I hear from VA tax authorities.

[Differential]

Thanks for the update. Seems rather odd TurboTax will not address what is clearly a bug in their software. With your workaround, did you file Form 502PTET or the Form 502? I am guessing it would be Form 502PTET. If the VA tax authorities question the entry for non-residents, will explain it as a bug in the s/w?

Thanks

[merge2022]

Not yet, I have been waiting for an update from TurboTax for over 10 days by now.

I wouldn't rush and submit the return by guessing a workaround inputs. I already knew how to get around the bug by setting resident owners = nonresident owners. Which I do not think an accurate solution and for that I created this thread to inform TurboTax about the bug.

I would rather give TurboTax some more time to fix the bug and release an update. Perhaps this is why it is taking them a long time to respond to this thread.

[Learn101]

Yes, I submitted form 502 PTET. I cannot advise on whether you should submit yours but I had to submit ours as we are in the process of ownership change and taxes needed to be filed asap. If you can wait for a potential solution then great. In my case I had to take my chances and follow the TurboTax advice. 

[Differential]

Got it!

Thanks for letting me know - I am keen to submit and be done with taxes but I guess I will wait a little while longer and see if TT fixes the bug in a few weeks. VA return is not due until mid April so there is time

[Differential]

Thanks for your response - I too will wait a few weeks, give time to TT to fix this error. I'd rather not have to explain this "workaround" to the tax authorities - they can be quite insensitive at times. I'd rather file the return with no "errors"

[BrittanyS]

The issue is being look into by TurboTax.  

You may sign up for progress updates here:

 Why am I receiving an error on my Virginia Business Form 502 PTET Line A?

[AnnetteB6 · Accepted solution]

The issue with VA Form 502 PTET Line A setting the number of nonresident owners at zero which was causing an error was submitted to the product developers and it has been resolved.  

Please be sure that your TurboTax Business program is updated to the latest version before completing your return.  

@Differential 

@Learn101 

@cholmer 

@chillestcow 

@brobbinsvb 

@merge2022 

[chillestcow]

I can confirm, I updated my software and this fixed my issue. 

thanks!

[frogboy1]

I am having the same problem.  I have 4 different llc returns to file and all are getting the same error.    What is the solution?

[frogboy1]

i have not heard anything yet.   i have the same problem.

[PatriciaV]

This experience has been resolved.

Please try running a manual update of your TurboTax Business software:

1. Open your return.
2. Choose Online in the TurboTax menu bar at the top.
3. Choose Check for Updates.
4. Follow the prompts to install any updates.