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Intuit
,Created with Sketch.26 helpful votes

How do I turn off the balance sheet?

TurboTax Business does a good job of determining if you need to fill out the Balance Sheet section. However, you can manually override this by turning off the balance sheet.

Before you proceed, know that TurboTax follows the IRS guidelines for determining whether you need a balance sheet. Only do this if you are sure you don't need it.

  1. Open your return. In the upper-right hand corner, select Forms.
  2. In the left pane, select Form 1120, p3-6 under Form 1120: Corporations.
    • If you don't see p3-6 in the list, click Open Form and search for Form 1120, p3-6, select it, and click Open Form.
  3. Scroll down to Schedule K, Line 13.
  4. Make sure the box under the Yes (left) column is checked.
  5. Check the box below Line 13 to confirm suspending the calculations for Schedules L, M-1, and M-2.
  6. Select Step-by-Step in the upper right corner to return to guided mode.

  1. Open your return. In the upper-right hand corner, select  Forms.
  2. In the left pane, open  Form 1120S p1-2 (it might be called Form 1120S: S Corps).
  3. Scroll down to Schedule B, Line 11.
  4. Make sure the box under the Yes (left) column is checked.
  5. Check the box below Line 11 to confirm suspending the calculations for Schedules L and M-1.
  6. Select Step-by-Step in the upper right corner to return to guided mode.

  1. Open your return. In the upper-right hand corner, select  Forms.
  2. In the left pane, select  Form 1065 p1-3.  
  3. Scroll down to Schedule B, Line 4.
  4. Make sure the box under the Yes (left) column is checked.
  5. In the Smart Worksheet below Line 4, click No (right column) to suspend the calculations for Schedules L, M-1, and M-2.
  6. Select Step-by-Step in the upper right corner to return to guided mode.

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