Schedule M-1 provides the reconciliation between your book income and taxable income for the year. Neither your income nor your balance sheet is in balance on your return. You need to complete the interview process for the Balance Sheet section of your return before you review the Schedule M-1.
To get to this section in TurboTax Business please follow these steps:
- Within your return click on the Federal Taxes tab
- Click on Balance Sheet
- Verify your End-of-Year Assets total and Continue
- Based on your entry you are not required to complete this section, but you can still complete it (as you have marked)
- Proceed through the whole process to balance your income and then enter your balance sheet as it shows on your company's books
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