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mli88299-gmail-c
New Member

How to enter asset for first time turbotax user for business? The business is already 6 years.

This is my first time to use TurboTax for my company for 2021. After I finish income and deductions, then it went to Federal Review and complain "Assets" is missing. How can I enter assets? I assume some come from last year and some from 2021. Could you help? Thanks!
2 Best answer

Accepted Solutions
tagteam
Level 15

How to enter asset for first time turbotax user for business? The business is already 6 years.

Which version of TurboTax are you using (you need to be using Home & Business or Self-Employed).

 

Do you see anything similar to the screenshot depicted below?

 

Untitled.png

View solution in original post

tagteam
Level 15

How to enter asset for first time turbotax user for business? The business is already 6 years.

You enter the corporation's total assets as of the end of the tax year.

View solution in original post

9 Replies
tagteam
Level 15

How to enter asset for first time turbotax user for business? The business is already 6 years.

Which version of TurboTax are you using (you need to be using Home & Business or Self-Employed).

 

Do you see anything similar to the screenshot depicted below?

 

Untitled.png

mli88299-gmail-c
New Member

How to enter asset for first time turbotax user for business? The business is already 6 years.

I'm using Turbotax business 2021.  I got following similar screen

 

depreciationOfAssets.png

 

After finish income and deductions, it comes to review and it asks info displayed in following screen.

 

total-assets.png

I don't know how to enter the total assets. 

 

Thank you very much for your help!

mli88299-gmail-c
New Member

How to enter asset for first time turbotax user for business? The business is already 6 years.

Hello Champ,

 

My second screenshot contains some info, it better not be here. I can't delete it. If you're from intuit, could you help to delete it.

 

thank you very much!

tagteam
Level 15

How to enter asset for first time turbotax user for business? The business is already 6 years.

You enter the corporation's total assets as of the end of the tax year.

tagteam
Level 15

How to enter asset for first time turbotax user for business? The business is already 6 years.

Also, no one (here or at Intuit) can delete anything for you on that return. 

 

You are using TurboTax Business so you are the only person who can alter the return.

mli88299-gmail-c
New Member

How to enter asset for first time turbotax user for business? The business is already 6 years.

Where can I got the those info? I have total assets data for 2020. How can I calculate assets for 2021? I feel turbotax should be able to calculate for me since I entered the property info and all info already. thanks, 

tagteam
Level 15

How to enter asset for first time turbotax user for business? The business is already 6 years.

If you have your 2020 return, you should have the total asset figure at the end of the year.

mli88299-gmail-c
New Member

How to enter asset for first time turbotax user for business? The business is already 6 years.

Yes. I do have the total assets for end of 2020. But I don't know how to calculate that for end of 2021. 

tagteam
Level 15

How to enter asset for first time turbotax user for business? The business is already 6 years.

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