I appreciate all three of you responding so quickly. I was able to figure it out and filed yesterday. Here is a little more info, in case you are still curious.
- Wages earned in the last week of December were owed to be paid in January, as were the various associated taxes. Also any sales tax collected in that week would be paid in January. That's why we had those listed in Liabilities on our QBO produced Balance Sheet and why I entered them in the Balance Sheet interview portion of TT.
- In that TT interview section, I was able to enter the businesses outstanding loans, and those were automatically split 50% by TT as they should have been on the K-1 worksheet for each partner. However, when I entered the wages, taxes etc. in the same interview, it did not automatically enter the info on the K-1 worksheets. Once I entered the amount and percentage per partner on each worksheet myself, the problem was solved. I guess TT didn't know how to assign "Other Liabilities".
- In 2021 we did not need to use the Balance Sheet, but fortunately the business is growing so we were required to file this year (more than $250,000).
Thank you. Glad to have that off my plate until next March!
