How can the retained earnings of prior year be adapted to current year

It's my first time using turbotax incorporated for NPO. I put a data current year and prior year to my Income Statement Information, and as I was checking my Balance Sheet Information, I have found out that in the Retained earnings/deficit section, the "Retained earnings/deficit current year" didn't affect on the current year retained earnings/deficit even though I have put the data from the prior year.

820

Expert Alumni

Apr 9, 2020 3:04:30 PM

The current year retained earnings on your balance sheet should be the beginning retained earnings balance plus income/loss and less distributions and other adjustments. If you click on the ending retained earnings number, you will see a magnifying glass icon appear that you can click on to see the detail for the calculation of that number.

Level 2

Feb 15, 2021 9:35:17 AM

not so. 2019 retained earnings is not included in Balance sheet of tax form 1120S.

2020 retained earnings field is blank and adjustable but entering true numbers throws it off balance

Why sign in to the Community?

How can the retained earnings of prior year be adapted to current year