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mariedelus
New Member

How do I know if a balance sheet is required for a business? I am in NY State. Also, Turbo Tax keep sendnig me to k-1 Entry Wks-Partnership; I do not have a k-1

How do I know if a balance sheet is required for a business?  I am in NY State.  Also, Turbo Tax keep sendnig me to k-1 Entry Wks-Partnership - Worksheet to Enter Partners Share of Income, Deductions, Credit, etc.  I did not receive a K-1 from anyone.


2 Replies
ToddL
New Member

How do I know if a balance sheet is required for a business? I am in NY State. Also, Turbo Tax keep sendnig me to k-1 Entry Wks-Partnership; I do not have a k-1

You will need to complete a balance sheet if filing a NY tax return.

https://ttlc.intuit.com/replies/3302277

You can eliminate the K-1 questions by using "Delete a Form" tool to remove the K-1 from your tax file.

See: How do I delete forms in TurboTax Online?

After deleting this form (and associated worksheets, if any), log out of the program. When you log back in, you use the Delete a Form tool to see if they have been removed from the list of forms in your return. If they have, you should be able to complete your return.

robbhurst
New Member

How do I know if a balance sheet is required for a business? I am in NY State. Also, Turbo Tax keep sendnig me to k-1 Entry Wks-Partnership; I do not have a k-1

Trying to find the requirement for Georgia that a balance sheet is required for a partnership GA 700.  Didn't see anything in the instructions.  Can you provide source for the requirement?  

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