Turning Off the Balance Sheet in TurboTax Business

TurboTax Business does a good job of determining if you need a balance sheet or not. However, you have the option of turning off the Balance Sheet if you choose.

Important: TurboTax follows the IRS guidelines for determining whether or not you need a Balance Sheet on your business return. These instructions should only be followed if you are sure you do not need a Balance Sheet.

 

To turn off the balance sheet in TurboTax Business, select the type of business tax return you're filing:

• Form 1120: Income Tax Return for a Corporation
• Form 1120S: Income Tax Return for an S Corporation
• Form 1065: Return of Partnership Income

Follow these steps:

1. Select the Forms button in the upper-right corner of TurboTax Business.
2. Select Form 1120 p3-5: U.S. Corporation Income Tax Return, then select Open.
3. Scroll down to Schedule K, Line 13.
4. Check the box under the Yes (left) column.
5. Check the box below Line 13 to confirm suspending the calculations for Schedules L and M-1.

Follow these steps:

1. Select the Forms button in the upper-right corner of TurboTax Business.
2. Select Form 1120 p1-2: Income Tax Return for an S Corporation, then select Open.
3. Scroll down to Schedule B, Line 10.
4. Check the box under the Yes (left) column.
5. Check the box below Line 10 to confirm suspending the calculations for Schedules L and M-1.

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Take the following steps:

1. Select the Forms button in the upper-right corner of TurboTax Business.
2. Highlight Form 1065 p1-3: Return of Partnership Income, then select Open.
3. Scroll down to Schedule B, Line 6.
4. Check the box under the Yes (left) column.
5. In the Smart Worksheet below Line 6, click No to suspend the calculations for Schedules L and M-1.

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