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Intuit

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. So turn it off only if you're sure you don't need it.

  1. With your corporation return open, click Forms in the upper-right corner.
  2. In the left pane, select Form 1120, p3 - 6.
  3. In the right pane, scroll about halfway down the page to Schedule K, Line 13.
  4. Check the box to suspend the calculations for Schedules L, M-1, and M-2 (just above line 14).
  5. Click Step-by-Step in the upper right corner to return to interview mode.

  1. With your S corporation return open, click Forms in the upper-right corner.
  2. In the left pane, open Form 1120S, p1 - 2.
  3. In the right pane, scroll all the way down to Line 11 at the bottom of the page.
  4. Check the box in Line 11b to suspend the calculations for Schedules L and M-1.
  5. Click Step-by-Step in the upper right corner to return to interview mode.

  1. With your partnership return open, click Forms in the upper-right corner.
  2. In the left pane, select Form 1065, p1 - 3. 
  3. In the right pane, scroll down to Schedule B, line 4d (you'll need to scroll more than halfway down to see it). Check the Yes box for Line 4d.
  4. This will automatically check Yes below it (for the question asking if you want to complete Schedule L etc.). You'll want to check No instead.
  5. Click Step-by-Step in the upper-right corner to return to interview mode.

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