Hello,
In 1120S Schedule L (balance sheet) Line 10a and 10b column (c) have the same amount but turbotax show that same amount as negative in Line 10b column (d). Is this correct? I believe that if both Line 10a and 10b are the same, Line 10b column (d) should be 0 (zero).
Thanks in advance!
You are correct, you subtract line 10b from line 10a and put the difference in 10b, column d. So if 10a and 10b are equal, the difference in 10b column d would be $0.
I ran your scenario and noticed a similar result. If you want I can report it to see if a solution is being worked on. You would need to give me a diagnostic copy of your tax return. All of your personal information would be blacked out. Here is the procedure:
1. Find the Tools option on your top menu bar
2. Choose Send Tax File to Agent
3. Post the code you see in this forum and we'll post a response as soon as one is available
[Edited 1/29/25 at 6:46 PM EST]
Thomas,
Thanks a lot for your response. I called TT support twice and they declined helping although I stated this was a TT issue not a tax question. In fact I just found another post describing the exact same error!
Error in balance sheet calculation
It looks like something is not working correctly in TT. Need TT to please address this ASAP!
I followed your instructions and sent the tax file to agent. Token number: 1082427185-71199777.
If your asset balance carried over from last year, it seems TurboTax is reading it as zero - so when you enter the depreciation, the net asset is negative. Essentially, you will need to manually key in your ending depreciable assets amount.
Hello Thomas,
Do you know if TT rolled out a fix for my issue? Today I applied the latest updates and line 10 b, column (d) is now correctly showing 0 (zero). I spent several hours trying to figure this out, including calls to TT support and would like confirmation this bug has been fixed.
Thank you,
Rodrigo Escamilla