Question

Schedule D Error

Forum|Forum|2 years ago
March 12, 2024
2 replies
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Turbo Tax Business is flagging an error on form 1120S line 23b that is a zero on my return. This line is a summary of the tax on capital gains from Schedule D. I have no capital gains and Schedule D is completely blank, but I can't get rid of this error. If I delete Schedule D because it is not required, it keeps coming back and TT is reporting an flagging an error on form 1120S line 23b which is zero.

How do I get rid of this error? It is preventing me from filing my return.

TurboTax Business Windows

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JamesG1

When you delete a form but it is re-created by the software, that means that there is one or more entry in the software that is creating the form.

Are you reporting a capital gains distribution in box 2a of IRS form 1099-DIV?

Is there a sale or disposition of a business asset on IRS form 4797 that is reported on Schedule D?

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C

chuck3Author

There is no 1099-Div and there is no form 4797. This is an S-corp return in TurboTax Business. When I delete schedule D, I can delete the form; but the data field on the 1120S that references it is still flagged as an error.

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RobertB4444

Is there any chance that you entered zeroes for capital gains anywhere? The system often reads zeroes as an entry and then wants to calculate using them. Those entries have to be left blank.

@chuck3

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T

ThomasM125

You can try entering $1 on line 16 of schedule D Part III if there isn't an entry there. If that resulted in a $0 on line 23 of that schedule, it would flow to line 23(b) of Form 1120-S and that might remove the error.

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chuck3Author

Thank you for this response. I did try that and it did remove this particular error. My question is: “instead of forcing users to resort to these kluges to work around the error, why doesn’t TurboTax just fix the problem?