mport of information from last year TT and it says 2023 Balance Sheet is out of Balance

Forum|Forum|1 year ago
February 27, 2025
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Working on my 2024 Form 1065 for a partnership LLC. We have used TT Business desktop for several years now, and also use QBO (I know, why the heck can't 2 Intuit products communicate, don't get me started!). TT imported data from TT 2023, and I've input all our P & L etc. and am now in the Balance Sheet section. Why is it telling me that my starting numbers are not balanced? How could I have filed if they were not in balance last year? Any ideas for how to fix last year's numbers, or why I even need to? It's off by$18,733. I checked last year's return and balance sheet, and the numbers all seem right.

TurboTax Business Windows

PatriciaV

Employee

Often when the prior year tax return balance sheet is out of balance, the difference can be found as a book to tax difference. The reconciliation is found in Schedule M-1, most likely on the 2023 tax return.

Troubleshooting balance sheet issues are a challenge in this format. You may consider upgrading to TurboTax Live that provides step-by-step guidance from a tax expert, either over the phone or by screensharing. The time savings may be worth the extra cost.

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