Previous accountant did not put anything on the Schedule L of an S Corporation. Turbo Tax is asking those information for this year. This is my first time to file through Turbo Tax. it says, Form 1120S p3-5: End of year balance sheet is out of balance.
I have always filled out my own 1120S for my S-Corp. Because I have always answered NO on question 11 on Schedule B I haven't been required to fill out Schedule L. Turbo tax is asking me to do so. Am I required to fill out Schedule L if my assets are less than $250,000. If not how do I proceed on my 2019 return prepared on TurboTax?
No, you do not need to fill out Schedule L if your income is less than $250,000 and assets are less than $1,000,000.
If you answer no to question 11 there is a sub question asking if you still want to report these items. You need to mark that question No also.
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