Question

How doe we enter negative number (loss) in Form 502 PTET, Section I

Forum|Forum|3 years ago
January 26, 2023
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TurboTax is not allowing entry of a negative number - a loss - in Form 502 PTET

I am attempting to complete VA state taxes (for 2022) in TurboTax for my S-Corp and have a loss for 2022. I need to enter a negative number in Section I, Owners share of taxable income (Line 1) and then a loss in Section II Line6, and 7. TurboTax comes back with an error:"Form 502 PTET Sec II Line 7. Tax invalid for State Electronic Filing. Negative numbers are not allowed in this field"

Can I not file VA State Tax Return electronically?

TurboTax Business Windows

PatriciaV

Employee

Although the instructions for Virginia Form 502 PTET Section 1 Line 1 indicate that you may enter a loss (negative number), Section 2 should result in zero tax (negative number multiplied by 5.75% tax rate for 2022). TurboTax will calculate this number for you. Please use Forms Mode to verify the calculation is correct in Section 2. Overriding any calculated number will prevent you from efiling your return.

Note that Form 502 PTET will be available for efiling on 1/27/2023 (see this table).

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D

DifferentialAuthor

TurboTax is not allowing entry of a negative number (loss) in Form PTET Section 1 Line 1. It keeps giving an error when I enter the loss amount as a negative number. How do I overcome this situation?

DaveF1006

It depends. How are you entering the negative number? Are you entering with parenthesis or with a minus sign in front of the number? Try with the minus sign in front of the number if you haven't done so already.

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