If your 2020 business return was accepted by the IRS, there is no need to correct your original file. However, to import the correct information into TurboTax Business for 2021, these steps may be helpful:
- Open your 2020 return in TurboTax 2020 and use File Save As with a different file name.
- Adjust the balance sheet information to match the 2020 return AS FILED.
- Save the file and close TurboTax.
- Open TurboTax 2021 and start a new return by importing the corrected 2020 TurboTax file you just saved.
- Review the imported information (using Forms Mode) to be sure the data imported correctly.
These steps should allow you to proceed with your 2021 business return with correct balance sheets for both 2020 and 2021.
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