Balance Sheet

[abholcomb1]

We are a partner LLC filing 1065 taxes for 2022 (due tomorrow), and when I enter the wage and payroll liabilities, I get error messages. If I enter the amount on the balance sheet under "Other Short-term Liabilities", the sheet balances, but then on review,  TT error says  "Schedule K recon report (lines 19a thru K-1 K3): Total Col E does not equal amount shown on Sched. K. Please review worksheets ro ensure that total of all applicable percentages (ratios) equal 100%....." Then it says check  SA amounts and ratios for accuracy. I don't know what those are. How do I get this to work so I can file these taxes? Thanks.

[Anonymous_]

I suspect you will have to post more details, including why you are entering those liabilities directly on your balance sheet.

In the meantime, I'll page @Rick19744 and @Mike9241 

[Rick19744]

I don't operate in a Windows environment, so can't help with the input; since the software is a Windows based product.

However, a quick fix may be to check whether you actually need to complete the balance sheet.

I think maintaining a balance sheet is good practice, but given the timing and having issues, if you don't need to include it, then eliminate it.

How did you answer Schedule B question 4?

Something appears to be out of balance, and based on the facts, it doesn't necessarily appear to be the balance sheet as a Schedule K reconciliation is tied to the income statement.

What other schedules are you completing?

Sch M-2?  What does this look like?

More facts may help.

[Mike9241]

it is difficult for anyone to tell you why you are getting these messages because we have no access to your books, records or return. since there is no column e on the 1065 it may be referring to the k-3 section for the foreign tax credit but this makes no sense since you say this occurred after entering liabilities on the balance sheet.  sorry but I don't work with TurboTax Business and have no clear idea what these error messages are really saying. 

[abholcomb1]

I appreciate all three of you responding so quickly. I was able to figure it out and filed yesterday. Here is a little more info, in case you are still curious.

1. Wages earned in the last week of December were owed to be paid in January, as were the various associated taxes. Also any sales tax collected in that week would be paid in January. That's why we had those listed in Liabilities on our QBO produced Balance Sheet and why I entered them in the Balance Sheet interview portion of TT.
2. In that TT interview section, I was able to enter the businesses outstanding loans, and those were automatically split 50% by TT as they should have been on the K-1 worksheet for each partner. However, when I entered the wages, taxes etc. in the same interview, it did not automatically enter the info on the K-1 worksheets. Once I entered the amount and percentage per partner on each worksheet myself, the problem was solved. I guess TT didn't know how to assign "Other Liabilities".
3. In 2021 we did not need to use the Balance Sheet, but fortunately the business is growing so we were required to file this year (more than $250,000).

Thank you. Glad to have that off my plate until next March!