I was using Turbotax Business and the following error came up
Form 1065:Sch M-1,Line1 Sche M-1 Net Inc (Loss) per book must be entered
What do I need to do or what do I need to enter in that Line 1
Enter Forms Mode and open your 1065 (pg 4-5).
Scroll down toward the bottom. There is a worksheet for M-1.
I am in Forms mode...what do I do now.
I bought Turbotax to help handle all this automatically...What do I do now
Check one of the boxes in the worksheet and you should see the figures calculate.
Unfortunately, TurboTax Business does not offer a lot of handholding with respect to the balance sheet and reconciliation.
I checked a box and nothing happened.
What is Net Income per BOOK. That is the box I am supposed to fill. How do I get the Net Income per Book
See the following links (they are not for TurboTax but may be of some utility).
https://kb.drakesoftware.com/Site/Browse/10409/1065-Calculating-Book-Income-Schedules-M1-and-M3
https://www.taxact.com/support/22440/2021/schedule-m-1-net-income-loss-per-books
Thank you for your reply. Based on the first link you provided, I am even surprised that Turbo tax is making me fill Schedule M-1; my tax filing doesn't qualify for it. I then looked at the equations provided in the 2nd link and that didn't work either for my case.
What I did was to just enter the number it was showing me was not reconciled into line 1 and that created an imbalance in the Balance sheet and I just zeroed that imbalance out by plugging that number into Amortized depreciation. It accepted what I did and I was relieved I could now fie.
It is very disappointing when you have to do this mental gymnastics for a software you thought will handle everything for you.