topic Re: 1120S in Get your taxes done using TurboTax

1120S

cmlgvl — Mon, 08 Feb 2021 17:14:50 GMT

why is the retained earnings from prior year not included in the liablitiy side of the balance sheet. I am by the amount of retained earnings and there is no box to enter.

Ending amount is off as well. and my numbers match my books. assets are fine.

Re: 1120S

Anonymous_ — Mon, 08 Feb 2021 17:41:30 GMT

Are you using TurboTax Business? Where are you in the program?

I presume you are working on the balance sheet?

Re: 1120S

cmlgvl — Mon, 08 Feb 2021 17:47:58 GMT

Yes. I am using QB BALANCE Sheet which is in balance. On Tax 1120S Balance Sheet side is correct but I cannot get the liability side to balance. The beginning year amount does not include the beginning year retained earnings. This is the amount that is off for the beginning year.

how do we fix it?

Re: 1120S

Anonymous_ — Mon, 08 Feb 2021 18:39:08 GMT

You are probably going to have to make manual adjustments, either in Step-by-Step or Forms Mode.