I would like to get a token if that will help me. This is my situation:
I cannot get TurboTax to allow me to input my cash distributions in the M-2 form. I have a negative retained earnings. I have completed our stock basis worksheets. My CPA (who uses different software) states there is no reason that this should be happening unless the stock basis had not been done. He said we should not have to reclassify this as loans as one person has mentioned and that there is nothing wrong in what we are trying to file.
Turbo Tax shows the cash distribution figure as "distributions in excess of retained earnings" at bottom of Schedule M-2/Retained Earnings Memo Smart Worksheet" on line G. It will not allow me to put that figure on Line E which is line for "Less Dividends and Distributions" and which is where it needs to be subtracted to make my balance sheet balance by increasing the Negative number. As it is, I cannot get a balanced balance sheet in Turbo Tax Business! I will have to go to other software next year. I cannot force the number on the forms. It stays at 0 and will not change!
