Is TurboTax Home and Business 2023 ready to use? So many bugs !!

[wleungtx]

Hi,

I just purchased TurboTax H & B 2023.  But immediately I found out that there are so many bugs.

1) All my Taxable Income in my Tax History (last 5 years) are all wrong

2) I tried to use enter Self-Employed Retirement information.  However the refund/due does not change when it should be changing.

Is it NOT READY to use yet ? 

[VolvoGirl]

It is early and there will be many updates.  But it should have your prior info right.  See if you have any other .tax2022 files on your computer. Maybe you transferred from the wrong one. Or you changed your return after filing like to test something?

Here's an idea. Do you still have 2022 installed? Try opening 2022 program and see if you can get your 2022 return to show up in it. Go to FILE - OPEN. And see if that is the right one and has the right amounts.

In the 2022 program do a File-Save AS and give it a easy name you can find or search for. And note where it saves it or select where to save it so you can find it again. The file will end in .tax2022. Then close the 2022 program. Then start a new 2023 return and transfer from the 2022 file.

[wleungtx]

Yes, I have turbotax 2022 and everything was right in TT 2022.

What I did was transferred my 2022 TurboTax H&B file (I only have 1) to my TT 2023. After that, the first thing I did was to look at my last 5 year tax history.  My total income was correct.  But my "Taxable income" was all wrong for the last 5 years.  It was not such a big deal since it is a display only, but I never had this problem for all my previous TurboTax purchases.

2nd issue is BIG.   The calculation is basically WRONG !!   If I contributed self-employed 401k, I should have my tax reduced.  But the Tax Refund/due box simply did not change !!!

[VolvoGirl]

Well the 401K section might not be ready yet.  You have enough net profit on schedule C to make a contribution?  Did you switch to Forms mode and look around?  What lines look wrong?  I'll page  @dmertz 

[wleungtx]

Yes, I have enough net profit on schedule C to make a contribution.

In fact, I tried that same thing in my TurboTax 2022 software, and it works perfectly.  Only the TurboTax2023 shows this issue.

[dmertz]

I can't comment on the tax history.  I never bother to look at it since it not relevant to preparing the current-year tax return.

The Keogh, SEP and SIMPLE Contribution Worksheet for self-employed retirement contributions works fine as far as I can tell.  If it doesn't show a deduction for a self-employed retirement contribution, that seems to imply that there was no net profit from self-employment on Schedule C or the contribution was entered incorrectly. Examine this worksheet for the answer.  The self-employed retirement deduction cannot reduce taxable income below zero and will not reduce Other taxes from Schedule 2.

[dmertz]

Also, the self-employed retirement contribution could potentially cause an offsetting reduction in the amount of a self-employed health insurance deduction or a QBI deduction, so examine Schedule 1 and Form 1040 to see if this could be happening.  Look at the details on the forms themselves, not the refund/balance due display.

[wleungtx]

I just switched to Tax Forms.  And I found out that both Schedule C, Schedule SE (Self-Employment Tax), and Form 8995 are highlighted red as (DO NOT FILE).

It also said "This form has not been approved for release at this time.  You must obtain an update before you file your return in order to ensure that all of the calculations are correct."

So I guess, it is really not ready to use yet.

Thanks for all your suggestions and help !!

[dmertz]

While Schedules C and SE have not yet been officially finalized, they are unchanged from 2022 TurboTax except for the addition of a new line 27b on Schedule C for a deduction for energy-efficient commercial buildings reported on the new Form 7205.  You should still be able to get the correct result for net profit on Schedule C line 31 and a correct result on Schedule SE if everything has been entered properly.  If you have entered a Form 1099-NEC, make sure that it's properly linked to the Schedule C so that the amount is included on the Schedule C.  Correct amounts on Schedule C line 31 and Schedule SE do propagate properly to the Keogh, SEP and SIMPLE Contribution Worksheet.

[dmertz]

As of today's update Schedule C and Schedule SE are no longer marked DO NOT FILE in 2023 TurboTax.  I doubt that anything has functionally changed since the previous update.  These Schedules and the Keogh, SEP and SIMPLE IRA Contribution Worksheet continue to work fine for me as they have since the first update to 2023 TurboTax.

[Jeanlj]

I agree. I entered a real estate sale and was unable to edit it. Edit button wouldn't allow me to change entry or even delete it entirely. Also, I tried switching to forms view to edit the data--that didn't work either. I deleted the whole worksheet in forms, that created more problems, because then I had an error message that started "Oops, etc etc". Turbotax software wouldn't let me start over in EasyStep to re-enter sale.

I actually had to start from scratch---reimported 2022 data to write over what I'd already filled in for 2023. Fortunately I hadn't gotten very far on my 2023 return, but I'm afraid to do much work until this is fixed. Has anyone else experienced this and what is the best way to report it?