Here's what I am grappling with for the last 2 days. I have calculated the Depletion amount. I have alread added the Depletion as expenses in quickbooks which got imported into Turbo Tax Business (version) which is what I am using. Now how do I enter numbers in Schedule M-1, Schedule K-1 so that my 1120-S shows a higher Net Tax Return Income than the Book Net Income by the amount of the Depletion. I am not able to Balance it. I don't get to see Schedule K line 18 which is where they are asking me to work from. How do I see that? Basically, I want the Book Income and Balance Sheet to be off from Tax Return Net Income and Balance Sheet by the Depletion amount. Would you PLEASE show me step-by-step on how to connect the two through M-1 and K-1 Forms or some other way.
I thank you for telling me what I expect when I do my Personal Taxes as I have to enter the Info there from K-1. I will deal with that later. I just want my Turbo Tax Business 1120-S filed correctly.
Are there experts on Turbo Tax Business version who are well versed with that Program? I have a feeling that Turbo Tax Business Developers are not paying much attention to Oil& Gas Income businesses.
Please respond as soon as you can as I am stuck.
Thanks in advance!
