Suppressing the 1120 Balance Sheet in Lacerte
by Intuit• Updated 2 years ago
Lacerte will automatically generate the Balance Sheet on the Form 1120 when the Total Receipts and Total Assets are more than $250,000. Per the 1120 Instructions:
Corporations with total receipts (line 1a plus lines 4 through 10 on page 1) and total assets at the end of the tax year less than $250,000 are not required to complete Schedules L, M-1, and M-2 if the "Yes" the corporation is not required to complete Schedules L, M-1, and M-2.
To suppress the Balance Sheet:
- Go to Screen 4.1, Miscellaneous/Other Information.
- Scroll down to the Other Information (Schedule K) section.
- Enter a '1' in, Corporation's total receipts and total assets at the end of the year are less than $250,000: 1 = yes, 2 = No [O].
Note: If the '1' is entered, the Balance Sheet, Reconciliation of Book Income to Income per Return, and the Analysis of Unappropriated Retained Earnings won't print unless forced with an entry in Balance sheet, M-1, M-2: 1=force, 2=when applicable [O] or by setting the overall Federal Tax Option, Balance Sheet, M-1, M-2 to Force.
If the Balance Sheet is still generating:
- Go to Screen 38, Balance Sheet Miscellaneous.
- Locate the Other subsection.
- Delete the entry in, Balance sheet, M-1, M-2: 1= force, 2= when applicable [O].
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