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Level 2
posted Mar 5, 2022 6:56:17 PM

TT Business, doesn't carry over balance sheet and K1 items?

Last year (2020) I switched to TurboTax Business after many years with H&R Block SW.  I had to enter everything from scratch, but thought it was a one time deal.  But now I see nothing from the balance sheet and K1 carried over from last year to this year.  What the heck?

0 3 585
3 Replies
Level 15
Mar 5, 2022 7:22:49 PM

Which type of return (e.g., 1120-S, 1065)?

 

I have a couple of test returns and both the balance sheet figures and K-1 (Item L) figures transferred,

Level 4
Mar 13, 2022 5:21:11 PM

Okay, I don't know why that happened.  I just entered the numbers by hand.  But now this year's info isn't autofilling into the balance sheet.  For example, I went through 4797 to report the sale of a property, but it isn't changing my remaining asset value in the balance sheet.  When I go to the worksheet for that field or to the step by step, it says I have entered no assets.  Of course I have assets, and I have asset entry worksheets and depreciation schedules...  

Level 15
Mar 13, 2022 5:24:22 PM

There are certain line on the balance sheet that TurboTax "auto-calculates" and lines that it does not.

 

As a result, you need to enter those items manually (either in Forms Mode) or the balance sheet section of Step-by-Step.