I have a similar situation
Two owner s-corp (my wife and I). Distributions taken (combined) of $120,885. Bookkeeper subtracted business expenses and health insurance/HSA from these distributions to leave a final figure of $84,761 on 2017 P&L
On TurboTax Retained Earnings Reconciliation Summary
Balance Sheet: Beginning Retained Earnings: $0
Plus: Book Net Income: $106,525
Less: Shareholder Distributions: $106,525
Subtotal: Ending Retained Earnings per Return: $0
Ending Retained Earnings per Books: $6,891
K-1 shows $60,442 (me) and $60,443 (wife)
Sch M-2 column (a) line 7 $106,525
Sch M-1 column (a) line 8 is positive in the amount: $107,684
I cannot for the life of me get Retained Earnings Reconciliation Summary to match Return with Books. Sch M-2 line 8 is $0 and Sch M-2 column (a) line 1 is $0.
The real 2017 Beginning Retained Earnings (based my own [not TurboTax] 2016 Balance Sheet Total Equity) should be $-14,973 and the Shareholder Distributions should be $84,761.
Nothing I do can in the Step by Step part of TurboTax Business can get these figures to change to the correct numbers.
Any help would be MUCH appreciated.
