Returning Member

posted Mar 3, 2021 8:29:19 AM

1120S Line 7 error

Hello,

TurboTax entered $19,115 on line 7 from QuickBooks, which is a correct amount.

Unfortunately we're unable to e-file 1120S because TT is telling us to fill out form 1125-E.

Top of form 1125-E has a Note: Complete Form 1125-E only if total receipts are $500,000 or more.

Please help.

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1 Best answer

Level 15

Mar 3, 2021 8:53:32 AM

Review the definition at the link below.

https://www.irs.gov/instructions/i1125e#idm140008514373824

3 Replies

Level 15

Mar 3, 2021 8:39:21 AM

You probably need to review the entries in the Business Info tab of the program as the QuickBooks import must have triggered the necessity to complete Form 1125-E.

Returning Member

Mar 3, 2021 8:51:05 AM

We checked the Business Info and do not see anything out of the ordinary. Wonder if by "Total Receipts" they might be referring to Total Revenue for the company?

Level 15

Mar 3, 2021 8:53:32 AM

Review the definition at the link below.

https://www.irs.gov/instructions/i1125e#idm140008514373824

TurboTax Business Windows