Balance Sheet Doesn't Match

t13equities · ‎March 8, 2020

I am trying to complete the tax return for my LLC and I can't seem to get my balance sheet to match; I'm not sure what I'm doing wrong.

tagteam · ‎March 8, 2020

You will most likely have to provide more details before anyone can assist you with this issue.

However, in quite a few instances, what happens is net income (profit) is reported and distributed automatically to members of an LLC but no actual distribution is made. As a result, that leaves an imbalance due to the income flowing into the partners' capital accounts on the balance sheet.

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BlueNomad · ‎March 12, 2020

I am having a similar issue. I used TurboTax Business 2018 for my LLC and my ending #s balanced. However, when I transport that data into TurboTax Business 2019, my beginning balance is off on my balance sheet. I don't see how this is possible since the same numbers balanced on my 2018 ending balance sheet. I am having to file an extension because I cannot get anything to work out.

tagteam · ‎March 12, 2020

@BlueNomad You should contact Support (link below) for this issue. Some users of the 2018 Business edition have reported issues with transfers to the 2019 program.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

sleeper1949 · ‎September 20, 2021

The only thing lef t to do on my 1120 S is the section concerning the balance sheet . It says the balance sheet is not correct which I do not understand all the numbers are correct concerning business expenses . I need some one to walk me through the balance sheet section,.

Thanks

Balance Sheet Doesn't Match

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Get your taxes done using TurboTax

Get your taxes done using TurboTax

Get your taxes done using TurboTax