using turbotax business first time for the 2020 tax year, it left schedule M2 blank. I guess since it had no previous tax data to work with? where do you enter the data that would end up populating the M2. In this case I had negative income for the 2020 year, i.e. line 21 is negative.
the 2019 return I prepared manually had a posative amount for the M2 ending balance, line 8
@Critter-3 is correct, but use caution when overriding any calculations by TurboTax.
You did not mention whether you are preparing a 1065 or 1120-S, but you will likely have to enter some (or all) of the figures in Forms Mode.
this is for an 1120s, I have not seen 'forms mode' yet but I haven't had any reason so far to look for it.
Is 'forms mode' that something where you manually
enter some forms that are then included with the rest of the return that is produced by turbotax?
it appears the M2 schedule is not itself a separate form but is part of the larger 1120s return.
ok I see it now in "forms in my return", 1120s p3-5, looks like I can just enter my manual calculations and they will then be included in the return produced by TT.
makes sense that this type of functionality would need to be included.
Brings up another question. if TT somehow does not generate the correct number for some part of the return, can 'forms in my return' be used to over write the TT calculation.?
Yes ... the FORMS mode is used to make entries you are not able to make in the interview mode.
@Critter-3 is correct, but use caution when overriding any calculations by TurboTax.
i am having the same problem with my business as well.
@noidaubachu wrote:
i am having the same problem with my business as well.
What problem? Have you read the posts in this thread?