Found a few errors that I hope get fixed with updates:Deductions - Summary screen shows $0 for insurance deductions when you enter $$ in the interview. The form is not populated with the $$, but it appears to be in the calculation because the net income is correct in the form.Retained Earnings recon does not work, on summary page it shows a zero balance but in the questions it asks to confirm the retained earnings balance - the dollar calculated here is the difference between beginning and ending RE, not the actual balance

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Suzanne19

Level 2

Solved

2022 TurboTax Business Errors

Forum|Forum|3 years ago
January 8, 2023
5 replies
28 views

Found a few errors that I hope get fixed with updates:

Deductions - Summary screen shows $0 for insurance deductions when you enter $$ in the interview. The form is not populated with the $$, but it appears to be in the calculation because the net income is correct in the form.
Retained Earnings recon does not work, on summary page it shows a zero balance but in the questions it asks to confirm the retained earnings balance - the dollar calculated here is the difference between beginning and ending RE, not the actual balance

TurboTax Business Windows

Best answer by BillM223

"The resulting K-1 shows wages as actual wages plus health insurance."

This sounds like the K-1 recipient is a more than 2% owner of a SubS corporation. For this individual, the premiums paid for health insurance for the 2% owner by the SubS corporation are added to the 2% owner's income, and the owner deducts this amount on his/her Schedule 1 (1040).

If this is the case, then TurboTax is working correctly, even if it is not obvious. Remember that TurboTax is DIY, which assumes that you understand taxation. Learn More links are added in many place (which is how TurboTax might refer to such things), but it is not possible for TurboTax to add Learn More links in every place it might be handy.

@Suzanne19

SteamTrain

Level 15

On the first one....at least in the Personal editions, the $0 in the interview usually indicates that there is a Supporting Details (SD) sheet attached to that field.

Usually, a double-click on the field will pop that SD sheet up, and you can make entries on that SD worksheet, or delete the SD entirely and leave the field open for direct entry.

A second way if double-click doesn't work is to click on the field once, then go up to <Edit> and select <Add Supporting Details from the dropdown...then either use the SD sheet, or delete it to release the use of the main interview entry.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Anonymous_

Level 15

Re Deductions: Is the expense for casualty insurance (under common business expenses)?

With respect to RE, you are on your own since TurboTax Business provides little automation and guidance for the corporate balance sheet.

Suzanne19Author

Level 2

For anyone else having this issue with health insurance deductions, I figured out that it adds the value of the health insurance to wages, but still shows the amount as zero in the health insurance summary in the interview process. The resulting K-1 shows wages as actual wages plus health insurance. TurboTax should have an explanation about this somewhere, but I was not able to find it.