Form 568 - Enter Total Assets at End of Year?

[bttrainingyard]

What total assets am I supposed to enter?

[KurtL1]

On California Form 568 - Limited Liability Return of Income the Total Assets it is asking for is the Total Assets you reported on Schedule L, Line 14

[dg_enterprises]

I have a single member LLC, disregarded entity, and TurboTax is still asking for "total assets at end of year."

I did not file a Schedule L because it is not required for me.

What should I enter?

[bttrainingyard]

But I never filled out a Schedule L, so how can it be asking me for Total Assets at End of Year?

I purchased rental properties in 2019, is that what it is asking for?

[DavidS127]

Your total assets number comes from your accounting records as of the end of the taxable year.  Generally, it is the cost of everything the business owns, less the depreciation taken.

According to the Form 568 instructions, if you are not required to file Schedule L, you are also not required to provide total assets (Item G on side 1).  Check your responses to Form 568 questions about your answers to Form 1065, Schedule B, questions 4a through 4d (or similar questions) and the number of members, to make sure you have answered appropriately to be exempt from Schedule L and Item G.

If an entry of Total Assets is still required, you can either enter total assets to clear the error, or print and mail the Form 568. You will need to obtain a waiver at this website to print and mail Form 568.You will need to obtain ...

[SLOGoing]

Having this same issue and TT will not let me e-file until I enter something here.  I've looked, and I don't have a form 1065.  What do those of us having this problem with TT need to do to resolve it?

[SLOGoing]

Not sure what TT is expecting me to do.  The software knows I am a SMLLC - it even tells me "Side 6 is not applicable to SMLLCs" at the bottom of the Side 5 form - yet is will NOT allow me to file until I enter a number into question G on Form 568 - which states the SMLLCs are not required to enter anything. 

What do I need to do to resolve this?  Is it an error in TT?

[Juke]

Same issue for me: single member LLC, disregarded entity, not required to fill out Schedule L, and I have no form 1065. I cannot proceed without filling in something for Total Assets at End of Year. 

[adiamond1]

I e file last year,w ith TT, with the same info that I'm trying to this year but I can't because it's demanding Total Assets at End of Year on line G of the 568.  As an SMLLC I believe I don't have to have this.  Like last year I have no 1065. Looking at my last year's return I don't see this question.  The checkboxes on form 568 look the same as last year.  So, I think TT shouldn't be hamstringing me from efile by demanding box G of 568 but I don't see a way around it.  This seems like a TT bug.

[DaveF1006]

If you have an ballpark idea what your total assets are, enter it just enter this in to the return. This may because of a change in the tax code for California that is now required. Besides, a good business person should know the financial condition of their business as of 12/31/2020, which includes assets and liabilities.