Why is CA form 568 asking for my "total assets end of year?" I am a single member LLC. No Schedule L. No balance sheet. Can't get past this point.

[DaveGM]

Update - I've successfully e-filed now. To do this I had to go back to the "forms view", find the federal 1065, and check the box that says, in effect, "even though I'm not required to file a Schedule L, I will do it anyway".

I noticed when I did this that it immediately added a few "errors" to the schedule L to the effect that it was out of balance. Behind the scenes, TT had not properly set the partner cash contribution shares so it looked as if the partners had just contributed them this year instead of all those years ago. It also had no cash balance reflecting the partner's cash shares. I fixed those entries (adding a "beginning of year", deleting this year's contributions, and setting cash on hand to reflect).

Then voila! e-file worked.

[Sailante]

I encountered the same problem.

Spent 4 hours with 2 TurboTax Agents. They could not figure it out.

Hopefully they have a software update by end of month.

[audreykey]

I am still having an issue with this.  I have entered my assets because it says it is a requirement to e-file (even though I am not required to for Federal return).  I talked to turbo tax today...Called [phone number removed] and they couldn't figure out the problem. She has escalated the issue and will try to get it resolved in the next 24-48 hours.

[audreykey]

The turbo tax support agent and I even manually updated the software version and we still couldn't get it to work.  She is hoping to get back to me in the next 24-48 hours with a resolution.

[i5agent]

This exact same issue is affecting me as well.

[DaveGM]

Has no one else been able to get it to work using the technique I mentioned above?

[mcgalmon]

@DaveGM I was able to e-file (thanks!!!) but it seemed a little bit more complicated than you described (or maybe I didn’t quite understand what you did).  I had already e-filed my fed (and another state) weeks ago so my final paperwork got confusing because I had to keep track of the changes.  After checking the box in the Fed form that I would do an L/M, it did “fix” the asset part but I did have to manually change some numbers on the balance sheet to get rid of the errors…all of which you experienced.

Hopefully I did it right, but it does suck that you have to do some odd steps to get it to work….esp since I reported this issue weeks ago and still no real solution.  Good luck to everyone else still in need of filing!  Hopefully they will actually fix the software but I was getting stressed waiting for a resolution from them!  Hoping this won’t happen next year but we moved out of state, taking our LLC with us, so won’t have to do a CA filing then!

[i5agent]

We shouldn't have to do a Schedule L just to get it to work and would like TurboTax to fix their software. I did attempt your method but got confused with the asset, liability and partner stuff as it didn't balance and decided to chime in here hoping TurboTax can provide a timely fix to their software.

[dskrentz]

My fix was to go back to Federal forms and fill in balance sheet info.  Even if you are not required to file a balance sheet, the software bug in Turbotax keeps you in an endless loop when reviewing the California form 568 unless balance sheet numbers are filled in.  Once you complete the Federal balance sheet, the loop goes away.

[Sam Hopi]

Thanks, but I have a question regarding SINGLE MEMBER LLC in California.

I filed Schedule C on Federal return and filed 568 limited liability. I see I have Schedule k (not K1) and on column b says: Amounts from federal K (1065) I am confused for this subject on column b which is net income of Schedule C. Why it says inside parentheses (1065) 

[PatriciaV]

Form 1065 Schedule K-1 is provided to partners from a partnership. Single Member LLCs (SMLLC) file on Schedule C of an individual 1040 tax return.

If you can post a screenshot of the form you see, that might be helpful.

[Sam Hopi]

This is not my answer. Could you please read again my question, I mentioned Schedule K not K1. In my return, 568, LLC single member I have Schedule K and line 1 does have a number ( net income from schedule C of FEDERAL) on column b. Please open up form 568 (For LLC single member)with all schedules.

[AliciaP1]

You may have accidentally marked one of the questions on lines L through KK incorrectly in order for the software to think you are required to file CA Form 568 as a Partnership.

To review your responses you can click on State Taxes and Go over California again.  Proceed through the interview process until your Form 568 appears and scroll down to Line L.  Carefully review your responses and make any changes necessary.

@Sam Hopi 

[Sam Hopi]

I DID NOT GET MY ANSWER. 

[Vanessa A]

California does not have a Schedule K other than the K-1.  Sometimes the K-1 is called a Schedule-K, but this is the same form.   A search of the CA Franchise Tax Board reveals only Schedule K-1s.  

I do believe I see what you are looking at...the top of some of the pages in the 568 that say Schedule K Members Shares of Income, Deductions, Credits, Etc.  If you compare the information on that to the K-1 Members Shares of Income, Deductions, Credits, Etc. , you will see they match up line by line and are the same thing. 

I see I have Schedule k (not K1) and on column b says: Amounts from federal K (1065) I am confused for this subject on column b which is net income of Schedule C. Why it says inside parentheses (1065)      Because you are not a partnership, you did not file a form 1065.  If you were an LLC Partnership for federal tax purposes, you would need to file the 1065 instead of a Schedule C. Since you are not, the number comes from your Schedule C instead of the 1065. It would be the same numbers, just different forms. 

California tax law sometimes does not match up with Federal Tax law.  In your situation, form names are not lining up because you are a single member LLC, but the numbers are which is what is important.