2022 Turbotax Business and shareholder questions

Forum|Forum|3 years ago
January 23, 2023
2 replies
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Just started my 2022 TbTx business download, PC based.

Auto loaded the last years data, and going through any edits and updates. the next category is "Shareholders" info. TbTx is forcing entry on that screen.

The business ownership is my wife and I. When I enter myself, and then go to the next entry for my wife.

I mark the box, "no change in ownership for 2022".

TbTx pops up and says This entry is new and there MUST have been a change in ownership.

There have been no changes in our business.

TbTx is forcing me to acknowledge there is a "change in ownership" to get past this screen.

Should I just go back and enter all Business Information by hand?

TurboTax Business Windows

Best answer by Anonymous_

There have been issues with TurboTax Business in the past and you may be encountering one of them.

Occasionally, a user will accidentally indicate that a partner left a partnership on a 1065 or a shareholder ceased to become a shareholder on an 1120-S and then the transfer from one tax year to the next does not work properly. You might want to check your 2021 return to ensure something along those lines did not happen.

Failing that, however, you could be stuck re-entering the information manually.

Anonymous_

Employee

Are you preparing an 1120-S (S corporation return) this year (2022)?

Did you prepare the same return for the 2021 tax year? If so, did you transfer the 2021 return into the 2022 program?

scurlingAuthor

Yes, sorry I should have explained my situation better.
I have used Turbo Tax Business for my S-Corp. for the past 15 years.
Year 2021 1120S was filed by TurboTax, and data transferred into the new 2022 S-Corp software.

Anonymous_Answer

Employee

There have been issues with TurboTax Business in the past and you may be encountering one of them.

Failing that, however, you could be stuck re-entering the information manually.

smallcoman2

Looks like this is a bug for me. No matter what I check in terms of ownership changes, TT forces me to add shareholders info. Once I add the first, the addition of a second shareholders forces me to admit to an ownership change in the calendar year 2022.

I just added shares for each shareholder to get the right percentage ownership, which I assume is used for the Schedule K-1. Hopefully, this doesn't generate paperwork that will excite the IRS, since it might say there were ownership changes but will it have the same ownership as last year. I'm keeping notes so I can tell the IRS that TT has a bug and hasn't fixed it. Seems this bug has been around for many years.

As with all tax issues.....good luck, do your best and take lots of notes!

AliciaP1

I can't recreate your issues in a test return. It would be helpful to have a TurboTax ".tax2022" file that is experiencing this issue.

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:

At the top menu in the black line at the top of the page go to Online.

From the menu, select Send Tax File to Agent.
You will see a message explaining what the diagnostic copy is.  Click Send and then you will get a Token number.
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

@smallcoman2

@scurling

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