Book Income (Loss) not balancing
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New Member

Book Income (Loss) not balancing

I am using Trbotax Business 2017 Download format.

 

It has been riddled with bug.

 

It does not allow me to balance my Book Income (loss) section.

 

Help!!! I called in 7 times already and even the support does not know what to do. 

This is just not acceptable. They keep closing my ticket as resolved and I get np resolution. Nobody calls me back and I am stuck!!!! This is n0t what I was expecting. Is there anybody out there of the Management team that cares?

 

11 Replies
New Member

Book Income (Loss) not balancing

Hello,

 

It is important to understand the accounting equation:  Assets=liabilities+equity.

 

Additionally, every entry on the balance sheet should be entered twice.  For example, distributions will affect your assets and your retained earnings (equity).  Additional paid in capital, will increase your equity, and also your cash by the same amount.  If this is done properly, the balance sheet will balance.   

Level 1

Book Income (Loss) not balancing

I am having the same problem with TurboTax 2019. I also had the same problem with TurboTax 2018 and 2017.

 

For my 2017 and 2018 tax returns, I called TurboTax and someone did her calculations. Then she gave me a number to enter into the Book Income (Loss) field. After entering, the Book and Tax Return were in balance. TurboTax never told us how to fix this problem if in balance. Intuit should do its own calculation and then provide a hinted number for people to consider. This is so easy for the software. Without it, it is going to take me many weeks to figure out the correct number to enter.

 

If Intuit does not want to do it this way, could you provide the equations for me to do my own calculation?

 

Also, I called Intuit. This year, nobody knows how to fix the problem. I am frustrated. It has wasted me many hours of my time. I hope someone can help. Thanks.

Level 2

Book Income (Loss) not balancing

I am having the same problem and can't get a real person on the line to talk to.  Just guidance to the help section within the software, which does not help at all!!!

Wishing I didn't go this route for my returns this year.

Intuit has very poor customer service.  The CPA that is supposed to be at your disposal and help does not exist.

Employee Tax Expert

Book Income (Loss) not balancing

TurboTax Live Expert support is not available for TurboTax Business. 

 

Our TurboTax Live products include:

  • TurboTax Live Basic
  • TurboTax Live Deluxe
  • TurboTax Live Premier
  • TurboTax Live Self-Employed

If you need professional guidance in your accounting or taxes, you may need to seek an accounting professional in your area.

 

What is TurboTax Live?

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Level 1

Book Income (Loss) not balancing

I bought TurboTax Business and I have a question regarding to your software. Intuit is the company that made the software. Why can't Intuit answer my questions?

 

I entered a number into the Book Income (Loss) field, your software said "not in balance". You got to tell me which number will get me in balance. You may give me an equation and let me to do the calculation. You may tell me what is the difference between the two numbers. You have many ways to guide your customer to find out the correct number to enter that will result in "in balance". You do not want your customer to try from 1, 2, 3, 4, 5, all the way to 200,000. Why don't you do it? It is such an easy thing to do.

Do NOT find out a problem and leave your customer in dark. Do something to help your customer. Isn't this what your software is supposed to do?

Employee Tax Expert

Book Income (Loss) not balancing

TurboTax offers limited support for the business tax preparation software products. When you call in for support, you will be talking with an agent that has not been trained in the functioning of the business tax preparation software.

 

Consequently, he or she will not be able to help you with complex issues such as how to reconcile a balance sheet or income statement that doesn't foot or extend properly.

 

It is similar to purchasing a part at an auto parts store. The salesman can explain in general how the part works and how to install it, but you will be unable to drive your auto to the parts store to have corrections made if the part was not installed correctly.

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Level 2

Book Income (Loss) not balancing

You don't understand.  My QuickBooks Books balance--I have been doing my accounting in QB for 20+ YEARS.

My books are correct but when entered into Turbo Tax, there is a glitch I am afraid.  I have seen on the forum that this is a problem that is known and a Turbo Tax agent can help fix it, BUT it takes a live person to help with it over the phone. AND I am beginning to suspect that no live people work at Intuit.

After 20+ years of handing off my books to an accountant, I felt that I could confidently do the taxes through Turbo Tax and believe I still can, IF the software works.

Please help me, or refund my money for the subscription and the Audit coverage (at this point, I can't use the software and will need to hand off to a tax preparer) OR help me get it fixed.

Thanks you.

Level 2

Book Income (Loss) not balancing

Did you even read my reply?? Your response does not pertain to my problem, question, or reply.

Level 1

Book Income (Loss) not balancing

The key is to find out the magic number to enter into the Book Income (Loss) field.

 

To do this, you may first enter a number X0 that, you think, is close to the correct number. Then click Continue. The next page will show you the Tax Income (Loss) based on Tax Return calculation. Write down this number Y. Then click Continue. On the next page check Federal Income Tax, Depreciation, and Meals & Entertainment. Click Continue. On the new page, check My book income (loss) includes the federal income tax expense (accrual) of $XX,XXX. Then click Continue. On the new page, check Yes. Book expense equals total tax depreciation and amortization of $YY,YYY. Then click Continue. Click Continue on the Meals and Entertainment page. Then a page called Review Uncommon Book/Tax Differences will show up with a table. This table, named Book/Return Income (Loss) Reconciliation Wks,  is all you need to calculate the correct number Z. Scroll up to the top, you will find out your entered number X0. Scroll down to the bottom, you will find out the line called Income (Form 1120, Line 28) – line 6 less than line 9 at the bottom. To its right there is a number P. Write down this number P. Then the correct value Z you should enter into the Book Income (Loss) field to get in balance is X=X0+(Y-Z). That simple!

 

In summary, do not waste your time. Just enter an estimated number X0 into the Book Income (Loss) field. On the next page write down the number Y to the right of row Tax Income (Loss) and under column Tax Return. You may click the back bottom to go back to the previous page for Book/Return Income (Loss) Reconciliation Wks. Scroll down to the bottom line Income (Form 1120, Line 28) – line 6 less than line 9 and write down the number Z. Your correct number for the Book Income (Loss) field is X=X0+Y-Z.

 

Do not call Intuit or TurboTax. Most of the people there do not know the answer because they never used the TurboTax Business software in life. Many of them even do not understand your question. The support at TurboTax is poor and unacceptable.

 

I hope turboTax can modify its software. After you key in your trial number X0, TurboTax will popup a new number X=X0+Y-Z saying did you mean this X number? It is simple.

Level 1

Book Income (Loss) not balancing

Sorry. You are NOT the EXPERT at all. I guess you have not tried to call the number even by yourself.

 

I called. They said they did not deal with TurboTax for Business software.

 

Go back to your company and ask for more basic training. Then go to work to service your customer.

Level 1

Book Income (Loss) not balancing

This is not a "complex" issue. This is elementary school math at 1st and 2nd year level.

 

Go back to your company to obtain more training. Then go to service your customer.

 

Intuit's TurboTax support is poor and unacceptable.

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