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2023 T777 Has Calculation Errors
Please review the code which calculates the Values for box 5 and box 6 on form T777.
It appears that the underlying calculations utilize the old values from 2022 rather than the updated values for 2023.
i.e. For box 5, $42,353 should be used, but the calculation uses $40,000 which is from 2022. For box 6, $950 should be used, but the calculation uses $900 which is from 2022.
Thanks in advance.
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March 24, 2024
6:59 PM
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Troubleshooting
I think my misunderstanding is due to the fact that my lease commenced in 2022, which is why the calculation uses 2022 values of $40,000 and $900 respectively rather than the 2023 values.
Thanks.
March 24, 2024
7:18 PM
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Troubleshooting
Thank you for the update. Yes, that could be a reason.
Thank you for choosing TurboTax.
March 25, 2024
6:45 AM