Can't change the description of property in enterprise under Rental Business in TurboTax H&B 2024

[shuang1015]

Hello,

I'm a real estate professional, and own multiple rental properties which are all under one Enterprise (#1) for QBI purpose.  After the import from last year's TurboTax file, the name of the #1 Enterprise's "Description of first property in enterprise" is mismatched to the actual rental property / enterprise name .  In fact, every rental property in my Enterprise #1 has a mismatched name.   Also,  I can't change the name from Step-by-Step screen, I go to the Forms screen, nowhere that I can't find the description section to update the correct description of the rental property / enterprise

However, the Description name of the next screen "confirming property type and description" is correct from last year's data import.  Also, the Business name of the screen "Name and employer ID number for this rental" is also correct from last year's data import

I believe it's a bug in TurboTax 2024.  Could someone please help let me know how to make a change or someone report this bug to the Development team, so it can fix it to include in the next update?

Thanks very much,

Simon

[PatriciaV]

Yes, you can change the Enterprise information using Forms Mode in TurboTax Home & Business.

1. Open your return and click the Forms icon in the TurboTax header. 
2. In the list of Forms in My Return on the left, scroll down and look for Schedule E Wks (property address). 
3. Click the form name to open it in the large window. 
4. Under Line 22, in the QBI Smart Worksheet, use the QuickZoom on Line A(1)(a) to select the REE group assignment. 
5. You can change the name of the QBI business on Line 2.
6. To change the name of the RRE Enterprise, click the QuickZoom on line A, then use the QuickZoom at the top of the RRE Statement to open the QBI Worksheet.
7. Repeat steps 2-6 for each rental property.
8. Click Step-by-Step in the header to return to the main screens.

[shuang1015]

Hi Patricia,

Thanks so much for providing the info.  I followed your instructions, here is what I got

4.Under Line 22, in the QBI Smart Worksheet, use the QuickZoom on Line A(1)(a) to select the REE group assignment. 

>>> QuickZoom opens a dialog to let me select the RREE Statement (1), which shows all my rentals under the same and correct business name.  All the info looks correct, I can't change anything, then Quickzoom from the business (enterprise) name.  it opens QBI Component Worksheet.   On the worksheet, I can change the business name (assume it's the same name as the enterprise name?).   Going over each rental, Quickzoom opens the same QBI Component Worksheet, not the individual QBI Component Worksheet, right?

After going over the form windows to review the details, Schedule E Worksheet for each rental has the correct property description name that matches the correct property address,  the same correct business name for all properties, and all of them under the enterprise #1, the math looks right under each property, so does the total.

However it doesn't solve the name mismatch issue that I reported earlier.  On the "Select the enterprise this property belongs to" screen, the specific rental property has a mismatched property name under "Description of first property in property".  It randomly picks one of my property's names to list - this is NOT right.   It took me quite a while to double-check between the screens, the forms, and the math, everything looks correct on my end,  so I think it is a bug in TTax 2024 Home and Business.  I hope the developers look into it, and hopefully provide a update soon.

Thanks very much again!

SH

[PatriciaV]

The name mismatch may come from the QBI Component Worksheet not being linked to the correct property. Be sure you give each property a unique name so you can choose the correct QBI worksheet when editing the enterprise information. 

If you would be willing to send us a “diagnostic” file that has your “numbers” but not your personal information, we could research this further. Please follow these instructions: 

In TurboTax Desktop, open your return and go to Online in the TurboTax header. (On a Mac computer, choose Share or Help.)

1. Choose Send Tax File to Agent.
2. You will see a message explaining what the diagnostic copy is.  Click Send on this screen and wait for the Token number to appear.
3. Reply to this thread with a screenshot of your Token number (this avoids Community filters for numbers with a dash) and tag (@) the Expert requesting the token from you.
4. Please include any States that are part of your return - this is VERY important.

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution.