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Business & farm
As mentioned previously, capital contributions increase cash (Line 1) and also Capital Stock/Additional paid-in capital (Line 22 or 23). Be sure you haven't recorded the equity side twice.
Your best option is to prepare the balance sheet in your accounting software, then enter it into TurboTax. Reconciling the balance sheet and supplemental schedules in TurboTax is challenging. You might print Form 1120 p3-6 to see what needs to be revised.
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‎April 22, 2024
5:39 AM