The accumulated other comprehensive income is excluded from the net income as gains or losses are yet to be realized. Instead, it is entered under the equity portion of your balance sheet on the Schedule L form. You can find this in TurboTax Business by following these steps:
- Click Federal Taxes from the top navigation
- Click Balance Sheet
- Choose to guide me or quick entry
- Enter Assets
- Accumulated other comprehensive would be entered under your liabilities and capital section
You will want a balance sheet prepared when entering the information into TurboTax. The balance sheet should list the following:
Total Assets, liabilities, and shareholder's equity (accumulated other comprehensive income is listed here). The Liabilities plus the shareholder's equity should equal your total assets. There will not be a separate entry for the accumulated other comprehensive income as it is a factor in your equity amount.
@jc152
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