I have finished entering all my income and deductions in Turbo Tax Premier 2019. I have an installment sale from 2005 that I still receive payments on, in 2019. I used Easy step throughout. This time, at the error check at the end TT complained that I had not entered any information for Lines 5 and 8 for Part I - when in fact, Part I is only filled out in the first year, in the year of sale - it even says that in the form. So Part I should be entirely blank for the 2019 tax year. I think this is a bug?
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In Part I, line 5 asks for Selling price including mortgages and other debts. Don't include interest, whether stated or unstated. Line 8 asks for Cost or other basis of property sold. Part I states Complete this part for all years of the installment agreement. You will want to update this information on the form as requested. I have attached a link to the form below, as well as a ling to the publication with instructions. However, please note that Publication 537 has not yet been updated by the IRS for tax year 2019.
That does not answer the question. Please re-read his question, because I have the same problem.
Form 6252 part I has always said " Complete this part for the year of sale only."
Form 6252 part I now says " Complete this part for all years of the installment agreement"
This causes a big problem with Turbo Tax.
In all subsequent years after the initial year of sale, including this year, Turbo tax automatically figures the correct numbers to put into Part II.
However when running error check, TurboTax reports two errors, saying the form 6252 Part I information needs to be entered because of the wording change in part I.
I looked all the way back to 2012, the first year of my installment sale, located the numbers, and entered them as requested, and re-ran error check, and this time it came up with missing numbers in Part II, because turbo tax wiped out the previously prefilled information in that section due to information being entered into Part I.
This is a serious bug with how TurboTax is handling the change in wording on this form. I did not save my file and reverted back to no entries in Part I so that I would not loose the correct number that belong in Part II. However I can not submit my taxes with Turbo tax reporting it has errors, when it really does not. Please help!!!
What I did with this, is got my old returns out, wiped the installment entry in TT whose information it carried forward from last year, then I re-entered it as new - all I needed was original date of sale, original price, and then it asks for amount paid to date which I got from last year's return plus this year's installment payments. I am typing this from memory so I think that's all it asked for - nothing had to be entered by year or anything, it was rather simple.
I too figured it out this was due to a change in the 6252 form, where Part I info is now needed. I agree this was very messy for TT not to figure this out, as it has all the information I outlined above - in reality as @adm_archery suggests it's worse than just a couple of erroneously reported errors. For others I hope this gets corrected asap. If you are desperate, just delete the carry over transaction in the Income list and do it again.
I tried to manually re-enter all of the information from the initial year of sale, but TurboTax will not allow me to enter anything on line 9, so the calculationos are incorrect, and do not match the original form6252......
Someone from TurboTax needs to Fix this problem NOW.
Hello???
If you are an employee of TurboTax, then you need to have a priority placed on fixing this problem sooner rather than later!
Unfortunately, there are no time-frames for any updates to installment sales originating in a prior year. The form 6252 does require deleting the form and re-entering the installment sale numbers in part one.
You can delete a form by following these steps:
1. Sign into your account and select your current return
2. Select Tax Tools on the bottom left and then Tools (see attached tax tools)
3. Select Delete a Form
4. Find the form and select delete next to it
Has this TT error related to Form 6252 been corrected? I, too, am still having the problem. It seems it should be fixed by TT since I am paying for the product to be correct. I can certainly do the work-around, but that should not be the solution since this will be an issue going forward for others.
Responding 2 years after this post. Form 6652 is still a hot mess. Being an EA, I know it’s incorrect. Gotta wonder about the non-tax nerds out there.
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