Question

Turbo tax balance sheet

Forum|Forum|1 year ago
February 16, 2025
1 reply
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Hello,

I am working on form 1120S . I got through everything just fine until the balance sheet. I have checked all my entries multiple times. I cannot get my liabilities and capital section to balance. It is off by +85763.00.

Last year my retained earnings was -86271.00. Not sure that is the problem since I have reconciled every year before. There is an adjustment last year for 61826.00. Owner paid loan off for assets. However the whole loan was $90000.00 this includes 2148.69 interest. I have tried everything I can think of, everything suggested. I do not know what to do now.

TurboTax Business Windows

PatriciaV

Balance sheet issues are very difficult to resolve here in Community. Your best option is to upgrade to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing. The time you save resolving this issue may be worth the additional cost.

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