In TurboTax business corporate edition I am being asked to complete the retained earnings reconciliation because it says we "were once a c corporation," but I checked that our company was not a c corporation during the early interview questions as I always have. We were not once a c corporation. Why am I getting this requirement now and can I disable it or is it a bug or what? I have not ran into this problem in previous years.
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You may wish to return to the Business Info tab of TurboTax Business and review your answers to the Former C Corporation questions.
Alternatively, go to Forms, open Form 1120S p1-2, scroll down to the bottom and review the box on Line 8 (should be blank).
Also check the options for Schedule M-2 found on Form 1120S p3-5 under the Schedule M-2 header. You can uncheck those boxes if you don't need to include this schedule to reconcile retained earnings.
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