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turbotax business first time where to enter data for schedule M2?

Forum|Forum|4 years ago
May 22, 2022
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using turbotax business first time for the 2020 tax year, it left schedule M2 blank. I guess since it had no previous tax data to work with? where do you enter the data that would end up populating the M2. In this case I had negative income for the 2020 year, i.e. line 21 is negative.

the 2019 return I prepared manually had a posative amount for the M2 ending balance, line 8

TurboTax Business Windows

Best answer by Anonymous_

@Critter-3 is correct, but use caution when overriding any calculations by TurboTax.

Employee

You did not mention whether you are preparing a 1065 or 1120-S, but you will likely have to enter some (or all) of the figures in Forms Mode.

this is for an 1120s, I have not seen 'forms mode' yet but I haven't had any reason so far to look for it.

Is 'forms mode' that something where you manually

enter some forms that are then included with the rest of the return that is produced by turbotax?

it appears the M2 schedule is not itself a separate form but is part of the larger 1120s return.

i am having the same problem with my business as well.

Employee

@noidaubachu wrote:

i am having the same problem with my business as well.

What problem? Have you read the posts in this thread?