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New Member
posted Aug 31, 2022 10:46:50 AM

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!

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2 Best answers
Level 15
Aug 31, 2022 2:35:40 PM

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?

 

Level 15
Aug 31, 2022 3:49:40 PM

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

9 Replies
Level 15
Aug 31, 2022 2:35:40 PM

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?

 

New Member
Aug 31, 2022 3:36:57 PM

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!

New Member
Aug 31, 2022 3:44:43 PM

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!

Level 15
Aug 31, 2022 3:49:40 PM

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

Level 15
Aug 31, 2022 3:51:01 PM

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.

New Member
Aug 31, 2022 7:07:57 PM

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, 

Level 15
Sep 1, 2022 6:33:29 AM

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

New Member
Sep 1, 2022 11:04:36 AM

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

Level 15
Sep 1, 2022 1:14:56 PM