Item F Total Assets in Drake Tax
Item F is completed automatically from the asset data in the return and carries from Schedule L. It is not required if the answer to Schedule B question 11 is Yes, meaning total receipts and year end total assets are both under $250,000. To override it, use the PRNT screen line for total assets. Forcing Schedules L and M-1 to print also prints the total in Item F.
- Data entry
- Screen PRNT
- Total Assets on page 1, Item F
| Trial balance account | Drake Tax screen and field | Lands on |
|---|---|---|
| Total assets | Computed from Schedule L | Page 1 Item F (1120-S and 1065), Item D (1120) |
| Override | PRNT screen, total assets line | Page 1 Item F |
| When it is not required | Schedule B question 11 answered Yes | Receipts and assets both under $250,000 |
| Force the schedules | PRNT, Force-print Schedules L and M-1 | Also prints total assets in Item F |
| Blank Item F with a balance sheet | Schedule L was never completed | Schedule L |
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Try it freeItem F Total Assets in Drake Tax on a trial balance
| Acct # | Account | Debit | Credit |
|---|---|---|---|
| 1000 | Cash | 42,800.00 | |
| 1200 | Accounts receivable | 68,500.00 | |
| 1300 | Inventory | 55,000.00 | |
| 1500 | Equipment (the account this page is about) | 145,000.00 | |
| 1510 | Accumulated depreciation | 47,500.00 | |
| 2000 | Accounts payable | 28,400.00 | |
| 2100 | Accrued expenses | 9,200.00 | |
| 2400 | Notes payable | 92,000.00 | |
| 2450 | Due to shareholder | 15,000.00 | |
| 3000 | Common stock | 10,000.00 | |
| 3900 | Retained earnings | 86,300.00 | |
| 3950 | Shareholder distributions | 52,000.00 | |
| 4000 | Gross receipts | 612,000.00 | |
| 5000 | Cost of goods sold | 318,000.00 | |
| 6000 | Salaries and wages | 88,000.00 | |
| 6050 | Officer compensation | 72,000.00 | |
| 6300 | Depreciation expense | 21,500.00 | |
| 6900 | Other operating expenses | 37,600.00 | |
| Total | 900,400.00 | 900,400.00 |
A derived figure, not an input
Item F on page 1 of an 1120-S or 1065, Item D on an 1120, reports total assets at the end of the year. Drake completes it automatically from the asset data entered in the return, carrying the figure from Schedule L.
So an empty Item F on a client with real assets almost always means Schedule L was never completed, not that a field was missed on page 1.
When it is not required
Item F is not required if the answer to Schedule B question 11 is Yes: total receipts for the tax year under $250,000 and total assets at the end of the year under $250,000.
That is the same threshold that lets Schedules L, M-1 and M-2 be omitted. A small client return legitimately prints with no balance sheet and no total assets figure.
The override, and when to resist it
The PRNT screen has a line to override the total assets amount carried from Schedule L. It exists for cases where the figure on page 1 has to differ from the balance sheet in the return.
Those cases are rare. When Item F looks wrong, the balance sheet is usually wrong, and overriding Item F hides it. The sequence worth following is to fix Schedule L, then see whether Item F still needs help.
Why it matters more than it looks
Total assets is one of the figures the IRS can compare year over year without opening anything else. A company reporting $900,000 of assets one year and nothing the next, because the second year fell under the threshold and nobody completed Schedule L, is a visible discontinuity.
It also drives the thresholds themselves. Whether the client needs Schedules L, M-1 and M-2 next year depends in part on total assets this year, so a figure nobody checked becomes the basis for next year's filing decision.
One more reason to force the schedules
Selecting Force-print Schedules L and M-1 on the PRNT screen also prints the total assets in Item F. One setting, and the return carries both the balance sheet and the figure that summarizes it.
Tax return treatment
| Form | Line |
|---|---|
| Form 1120S | Page 1 Item F, from Schedule L |
| Form 1065 | Page 1 Item F, from Schedule L |
| Form 1120 | Page 1 Item D, from Schedule L |
Common questions
How do I enter total assets in Item F in Drake Tax?
You normally do not. Drake completes Item F automatically from the asset data in the return, carrying it from Schedule L. The PRNT screen has an override line for total assets if the page 1 figure genuinely has to differ.
Why is Item F blank?
Either the client falls under the threshold, so it is not required, or Schedule L was never completed. Item F is derived from the balance sheet, so a blank Item F on a client with real assets points at the balance sheet rather than at page 1.
When is Item F not required?
When the answer to Schedule B question 11 is Yes: total receipts for the year under $250,000 and total assets at year end under $250,000. That is the same test that makes Schedules L, M-1 and M-2 optional.
Does forcing Schedule L to print also fill in Item F?
Yes. Selecting Force-print Schedules L and M-1 on the PRNT screen also prints the total assets figure in Item F, so one setting produces both the balance sheet and the summary figure on page 1.
Related answers
Go deeper
This page is the short answer. These articles work through the same ground in detail.
Last reviewed October 18, 2026.