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Level 2
posted Feb 26, 2025 6:52:22 PM

mport of information from last year TT and it says 2023 Balance Sheet is out of Balance

Working on my 2024 Form 1065 for a partnership LLC. We have used TT Business desktop for several years now, and also use QBO (I know, why the heck can't 2 Intuit products communicate, don't get me started!). TT imported data from TT 2023, and I've input all our P & L etc. and am now in the Balance Sheet section. Why is it telling me that my starting numbers are not balanced? How could I have filed if they were not in balance last year? Any ideas for how to fix last year's numbers, or why I even need to? It's off by$18,733. I checked last year's return and balance sheet, and the numbers all seem right. 

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1 Replies
Expert Alumni
Mar 10, 2025 1:57:48 PM

Often when the prior year tax return balance sheet is out of balance, the difference can be found as a book to tax difference. The reconciliation is found in Schedule M-1, most likely on the 2023 tax return.

 

Troubleshooting balance sheet issues are a challenge in this format. You may consider upgrading to TurboTax Live that provides step-by-step guidance from a tax expert, either over the phone or by screensharing. The time savings may be worth the extra cost.