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Suppressing the 1120 Balance Sheet in ProConnect

SOLVEDby IntuitProConnect Tax5Updated July 13, 2022

The program will automatically generate the Balance Sheet on the 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 1120 Balance Sheet:

  1. Go to the Input Return tab.
  2. From the left of the screen, select General and choose Miscellaneous Information.
  3. Scroll down to the Other Information (Schedule K) section.
  4. 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 [Override].
 

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 the Balance sheet, M-1, M-2: 1=force, 2=when applicable [Override] field.

If the Balance Sheet is still generating:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Balance Sheet and choose Balance Sheet Miscellaneous.
  3. Locate the Other subsection.
  4. Delete the entry in Balance sheet, M-1, M-2: 1= force, 2= when applicable [Override].

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