TurboTax FAQ
TurboTax FAQ
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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. Instructions follow.

Corporations

  1. Open your return. In the upper-right hand corner, click Forms.
  2. In the left pane, select Form 1120: Corporations and then click Open Form.
  3. Search for Form 1120, p3-5 and then click Open Form.
  4. Scroll down to Schedule K, Line 13.
  5. Check the box under the Yes (left) column.
  6. Check the box below Line 13 to confirm suspending the calculations for Schedules L, M-1, and M-2.
  7. Click Step-by-Step in the upper right corner to return to interview mode.

S Corporations

  1. Open your return. In the upper-right hand corner, click Forms.
  2. In the left pane, select Form 1120S p1-2.
  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.
  6. Click Step-by-Step in the upper right corner to return to interview mode.

Partnerships

  1. Open your return. In the upper-right hand corner, click Forms.
  2. In the left pane, select Form 1065 p1-3. 
  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 (right column) to suspend the calculations for Schedules L, M-1, and M-2.
  6. Click Step-by-Step in the upper right corner to return to interview mode.

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