1120S Retained Earnings

Forum|Forum|6 years ago
March 8, 2020
2 replies
60 views

I'm trying to complete my 1120S for my Sub S LLC business. I cannot balance the balance sheet as reference is made to reconciling my Retained Earnings account, but as a Sub S I do not have a retained earnings account. How do I handle this please?

TurboTax Business Windows

Best answer by Anonymous_

@bobkap wrote:

How do I handle this please?

You need to adjust your balance sheet manually, but you will probably discover that you are out of balance, with respect to RE, by the amount of ordinary business income (Line 21 of your 1120-S) that you did not actually distribute to shareholders.

Anonymous_Answer

Level 15

@bobkap wrote:

How do I handle this please?

toluadeb1234

Level 2

I am having similar, and I clicked on the link to solution but keep coming back to same post without solution. Also found a link to distributions to shareholders, but it only applies to 2019 income. In my case I was able to balance my 2019 it was my RE for 2018 incomes that's showing 0.