topic Turbo tax balance sheet in Business & farm

Turbo tax balance sheet

Judy BZ — Sun, 16 Feb 2025 01:32:33 GMT

Hello,

I am working on form 1120S . I got through everything just fine until the balance sheet. I have checked all my entries multiple times. I cannot get my liabilities and capital section to balance. It is off by +85763.00.

Last year my retained earnings was -86271.00. Not sure that is the problem since I have reconciled every year before. There is an adjustment last year for 61826.00. Owner paid loan off for assets. However the whole loan was $90000.00 this includes 2148.69 interest. I have tried everything I can think of, everything suggested. I do not know what to do now.

Re: Turbo tax balance sheet

PatriciaV — Sun, 16 Feb 2025 15:36:24 GMT

Balance sheet issues are very difficult to resolve here in Community. Your best option is to upgrade to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing. The time you save resolving this issue may be worth the additional cost.

Re: Turbo tax balance sheet

Judy BZ — Sun, 16 Feb 2025 18:16:00 GMT

Thank you.

I had already made up my mind to upgrade to get some tax support.