Hi,
I am one of 2 shareholders in an LLC taxed as an S-Corp. My net income and retained earnings calculations seem fine, but the balance sheet section is out of balance. I entered the same info from my QB balance sheet, but the TurboTax calculation for Total Liabilities, Capital, and Retained Earnings is too high. It's off by the amount of current year RE, as if it is being counted twice...what did I do wrong? The Asset portion is correct.
