Form 1065 Schedule L (Balance Sheet) Line 12b "Less Accumulated Amortization

[lbarusch]

Opening balance for Line 12b shows as zero, but when the column is totaled the program actually includes an entry for accumulated amortization. (A positive number here is subtracted.) I don't know why. The program shows no source for the cell. If I enter a positive number in this cell, it gets added to the sum. But if I enter a negative number (you're not supposed to) the hidden amount is no longer included in the total at the bottom of the column.  Please check on this. It's a bug.

[Anonymous_]

Contact Support.

What is the TurboTax phone number? (intuit.com)

[SusanY1]

In order for us to look into this further for you, we would like to have a diagnostic copy from your tax files?  A diagnostic copy is stripped of any personally identifiable information and then sent to a secure server where we can retrieve the data.

To create a diagnostic copy of your return in TurboTax Business please follow these steps:

1. Open your tax return in the TurboTax Business product. 
2. Under the Online menu across the top select Send File to Agent.
3. Note the six-digit code that is generated in this process.
4. Return to this thread and post the six-digit code.

Allow us a bit of time to examine the issue and we'll let you know what we find out! 

[lbarusch]

I got a seven digit code   1048171.

Please let me know if this is what you want.

Thanks for your help.

[SusanY1]

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[KristinaK]

Thank you for the diagnostic code @lbarusch 

When I look at your Balance Sheet (Schedule L, Form 1065) by clicking on Forms in the top right corner, the beginning balance on line 12b, column (a), shows a number, i.e. it is not zero. It is subtracted from 12a to arrive to a net intangible asset amount. You may want to update your software by clicking Online - Check for Updates. 

There are several other issues with your balance sheet/asset.

1) The beginning balance amount on line 12a, column (a) is incorrect. At least it doesn't match the amount of the intangible asset that you show on the Asset Entry Wrks. Once you correct that amount, your beginning balance sheet amounts will balance (they do not at the moment). 

2) My next suggestion is to find Sch M-1 Wks (you can do that by clicking Open Form in the top left corner in the Forms mode), scroll down to a "box" that says Book Depreciation Options Smart Worksheet, and click Yes, on line A. See screenshot. This will allow the current amortization to be added to the balance sheet on line 12b, column (c).  And the current year balance sheet will balance too. 

3) When looking at your Asset Entry Wks, you use IRS section "555". I am not sure what kind of asset you are amortizing but that doesn't sound right. You may want to check on that IRC Section. 

Let me know if I misunderstood your question.