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

[mli88299-gmail-c]

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!

[Anonymous_ · Accepted solution]

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?

[mli88299-gmail-c]

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

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

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

Thank you very much for your help!

[mli88299-gmail-c]

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!

[Anonymous_ · Accepted solution]

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

[Anonymous_]

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]

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, 

[Anonymous_]

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

[mli88299-gmail-c]

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

[Anonymous_]

https://www.irs.gov/instructions/i1120#en_US_2021_publink11455td0e1863