I am doing my business tax return, and my balance sheet is not in balance. I think this might be because I didn't get a chance to enter the contributions we made.

[sunnykthd]

We elected our LLC to be an S-Corp and currently there are only two partners in the LLC.

[PatriciaV]

Shareholder contributions are entered under Business Info >> Shareholder Information >> Shareholder Stock and Debt Basis Limitations for each shareholder on the Basis Limitations Worksheet. This sub-form appears when you edit the shareholder. Enter the contribution amount under Part I Line 2.

You can also access these worksheets using Forms Mode. Look for "Sh Basis Wks" under each Schedule K-1.

Note that you can skip the Balance Sheet section if:

• Total business income (before deductions) is under $250,000; and
• Your business is not filing an Alabama, Connecticut (non-partnership), District of Columbia, Georgia, Kentucky, Louisiana, Massachusetts, Mississippi, New Jersey (non-partnership), New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, or Tennessee return; and
• Corporation year-end assets are under $250,000 or partnership/LLC year-end assets are under $1,000,000.