- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Thanks for the quick reply. After manually overriding the $0 Retained Earning balance in TurboTax Business to match the $12,748 RE balance in Quickbooks, here are the numbers you asked for...
- Sch M-2 column (a) line 7 = $36,557
- Sch K line 16d = $87,936
- Sch M-2 column (a) lines 1 thru 5: 1 = $2478, 2 = $34,079, 3-5 are blank
- Schedule L line 22 and 23: 22 is blank, 23 = $2500
TurboTax only counted $36,557 (of $87,936) Distributions, which is because that's all the equity that was available in the LLC ($2478 Retained from 2021 plus $34,079 Net Inc from 2022).
March 15, 2023
10:33 AM