I edited my S-corp distributions in the cell provided in the shareholder information section, but the number did not change on the retained earnings reconciliations page. What's wrong?
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TurboTax will not prepare the balance sheet if the corporation's income and total assets are less than $250,000 (unless you indicate that you want to complete the balance sheet anyway).
Regardless, the balance sheet in TurboTax Business is largely a manual entry affair and you will generally always have to reconcile retained earnings in the program.
My problem is this:
The math in the Retained Earnings Reconciliation Summery window goes like this:
beginning retained earnings
Plus book net income
less shareholder distributions
equals ending retained earnings
As far as I can tell, the number used here for shareholder distributions should pull from the only place that it is entered: the Distributions to Shareholders window under the shareholder information tab. However that is not happening. The number is not correct, and it does not change even when I experimentally modify it. Is there something malfunctioning? Any suggestions of how can I successfully enter my shareholder distributions number?
@marknewman wrote:As far as I can tell, the number used here for shareholder distributions should pull from the only place that it is entered: the Distributions to Shareholders window under the shareholder information tab. However that is not happening. The number is not correct, and it does not change even when I experimentally modify it.
I just tried entering distributions in a test return and the results are depicted in the screenshot below. I was able to modify the figure and the modified figure appeared in the RE screen each time.
I have presumed that you are using the 2018 version of TurboTax Business so please advise if that is not the case.
If you are unable to resolve this issue, I would suggest contact Support (link at the bottom of this post) during regular business hours.
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
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