Question

Turbotax Business Balance Sheet

Forum|Forum|2 years ago
March 13, 2024
1 reply
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I'm filling out the Balance Sheet and our LLC owns just over $1,000,000 in agricultural land. When I enter the beginning of year and end of year balance TurboTax is stating that my total assets are double the value. I don't see where it is getting that the assets have doubled as they have remained the same from the beginning of the year to the end of the year. Any suggestions?

TurboTax Business Windows

PatriciaV

You can see this better on the actual form. Open your return and click the Forms icon in the TurboTax header. In the list of Forms in My Return on the left, click on Form 1065 p5-6. Scroll down to Schedule L. This is your balance sheet, last year on the left, this year on the right. Any numbers in red indicate errors. You can click the Errors icon at the top of the forms list to open a form footer that gives more information about the errors.

It's possible you didn't need to enter the beginning balance since that is brought over from last year's return. You can adjust/delete any numbers in blue. Any numbers in green were imported from last year. Numbers in black can't be changed.

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