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Forbinsbusinessventures

Level 1

Solved

form 1120S

Forum|Forum|6 years ago
April 15, 2020
5 replies
43 views

My balance sheet does not balance. How do I balance it.

TurboTax Live Premier Online

Best answer by Anonymous_

The link below is to the Proconnect web site but may have some utility for you.

https://proconnect.intuit.com/community/help-articles/help/balancing-an-out-of-balance-sheet-on-form-1120s/00/4027

Anonymous_Answer

Level 15

The link below is to the Proconnect web site but may have some utility for you.

https://proconnect.intuit.com/community/help-articles/help/balancing-an-out-of-balance-sheet-on-form-1120s/00/4027

jgwilliamssnowbird

Level 2

I want to start filling in form 1120S

Level 15

@jgwilliamssnowbird Do you need to prepare a 1120S Business return or did you get a K-1 from it?

You need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's (Win 7 or newer) version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes