I need help to speak with someone regarding on the schedule L of form 1120S

[azille74]

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. 

[LinaJ2018 · Accepted solution]

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[tobyandpeggy]

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?

[DianeC958]

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.