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Why isn't TurboTax calculating the balance sheet properly?

I'm adding and re-adding the items on the balance sheet for my sisters S-Corp return and they come to the perfect amount when I add them manually.  But TurboTax is not calculating the assets or the Liabilities/Equity properly.  I'm about ready to throw this whole thing out.  TurboTax is creating more problems with glitches this year than the software is worth.  I'd have been better off compiling this return without the help of software.

 

But why would the software not be calculating these figures, that I'm literally looking at and adding manually, on my adding machine, properly? The numbers are perfect except for TurboTax's involvement in the process.

 

Has anyone else come across this problem?  I've already had to start a new return because once I completed the return for this S-Corp, my sister decided she forgot to give me some 1099's for investments she acquired and neglected to let me know about.  But because I had already printed the return, TurboTax wouldn't allow me to make the changes and re-print the return to reflect the changes.  What a **bleep** headache.  How is TurboTax going to tell me I already filed my "printed" return?  I don't need that kind of help.  I'm moving on to different software next year after only having ever used TurboTax in the past.  The whole Intuit line is pure garbage anymore.

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1 Reply
PatriciaV
Employee Tax Expert

Why isn't TurboTax calculating the balance sheet properly?

Are you required to include the balance sheet on the S-Corp return? You can skip the Balance Sheet section if:

  • Total business income (before deductions) is under $250,000; and
  • Your business is not filing an Alabama, Connecticut (non-partnership), District of Columbia, Georgia, Kentucky, Louisiana, Massachusetts, Mississippi, New Jersey (non-partnership), New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, or Tennessee return; and
  • Corporation year-end assets are under $250,000 or partnership/LLC year-end assets are under $1,000,000.

If you must include the balance sheet, this article may help: How do I reconcile my balance sheet in TurboTax? You may need to adjust one of the source numbers in order for the numbers to add properly (depending on how far off the totals are).

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