I think there is an error on Turbotax business 2024 Form 1120S schedule L Line 10b column d
my 2023 form calculation for Line 10b column B was correct
205,000 - 93,080 = 111,920
But why is this year column D -98,337 instead of 205,000 - 98,337 = 106,663?
i check my 2022 schedule L, it was calculated the way i think it should. only this year it did not add up.
thank you
Your ending depreciable assets balance may have carried over automatically from the beginning balance and TurboTax may be reading it as a zero. To fix this:
- Click on Step-by-Step in the top right corner.
- Choose Federal Taxes and then Balance Sheet
- Click Edit next to Balance Sheet and then click Quick Entry.
- in the second column, enter 205,000 as the ending balance for your Buildings and other depreciable assets.
- Click Done. Ensure your total assets on this screen are correct. Based on the screenshot you provided, your total ending assets should be $858,816.
Your ending depreciable assets balance may have carried over automatically from the beginning balance and TurboTax may be reading it as a zero. To fix this:
- Click on Step-by-Step in the top right corner.
- Choose Federal Taxes and then Balance Sheet
- Click Edit next to Balance Sheet and then click Quick Entry.
- in the second column, enter 205,000 as the ending balance for your Buildings and other depreciable assets.
- Click Done. Ensure your total assets on this screen are correct. Based on the screenshot you provided, your total ending assets should be $858,816.