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I believe there is a bug in TT2021 Premier in the FEDERAL ASSET ENTRY WORKSHEET. It seems that sometimes when I check NO in the Elect OUT of Special Depreciation Allowance it will stay NO but also some times it automatically goes back to YES.
My LLC had a net profit of $6536 Sch C Line 31. Turbo Tax entered $0 in Line 13 (Qualified Business Income Deduction) in 1040-SR and $923 in Line 23 (other taxes).
How can QBID be $0?? Did TurboTax make a mistake??
My Iowa return does not recognize the entering of our quarterly payments, although I've checked back twice and it has been entered correctly on the turbotax data entry. My completed return (print version) shows $0 in the quarterly payment area, and the bottom line for tax due incorrectly adds in our quarterly payments as though they were not paid. This also then includes a penalty amount due. It seems obvious there is a software error for State of Iowa returns. This did not happen in our 2021 TurboTax filings.
It would be helpful to have a TurboTax ".tax2022" file for the return that is experiencing this issue. Also, is Iowa the only state return?
You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions for TurboTax Online:
Go to the dark panel on the left side of your program and select Tax Tools.
We will then be able to see exactly what you are seeing, so we can determine what exactly is going on in your return and provide you with a resolution.
If you are using TurboTax Desktop, these are the instructions:
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