how to enter non deductible expenses on 1065

Forum|Forum|3 years ago
April 10, 2023
1 reply
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I entered the business financial results according to GAAP on the 1065 per turbo tax business software step by step. The results are in line with the book results except for depreciation and gain on sale of asset as those are differences between book and tax. The gain from sale of asset is separate inclusion but does not show up as basis adjustment. In any case, there are a number of non deductible items related to deferred compensation and related party payments that are allowed for book but not for tax. The step by step process does not have a step to adjust for these and I can not figure out where I enter these items to reflect the difference between book and tax that does not create an error in the software. This software is just not able to handle complexities or am I missing something.

TurboTax Business Windows

RobertB4444

Create an entry for long term liabilities and enter all of the weird stuff into one quick entry for the tax return balance sheet. That will balance you out and you'll be fine.

@fhassu

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