form 1120S

[Forbinsbusinessventures]

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

[tagteam · Accepted solution]

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...

[jgwilliamssnowbird]

I want to start filling in form 1120S

[VolvoGirl]

@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

[BillM223]

Do you have TurboTax Business software? This is required to file the 1120S. This is not the same as TurboTax Home & Business which is for individual (1040) returns.

Does that answer your question?

@jgwilliamssnowbird

[tagteam]

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@jgwilliamssnowbird wrote:

I want to start filling in form 1120S

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If this is the first year filing for an S corporation or you are not familiar with income tax returns for entities, you should consider professional tax guidance or even having the return professionally prepared.