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February 9, 2024
Question

1065 M-2 Line 1 "Balance at beginning of year"

  • February 9, 2024
  • 1 reply
  • 0 views

Where does this number come from in TurboTax Business Desktop?

Currently, Schedule L Line 1 (and line 22) has one number and M-2 has another number that is off by $2.

I have been over every part of the interview over and over and I keep entering the correct value, but M-2 line 1 does not update.

Can anyone tell me how to fix this?

1 reply

February 9, 2024

This can be due to rounding if whole $s are used

 

what does the total on schedule L of all k-1s show as beginning capital - must equal m-2 line 1 and line 21 of schedule L on the balance sheet at the beginning of the year.  adjust cash to equal