Why are my Schedules L and M-1 printing blank even though amounts have been entered?
If the corporation’s total receipts for the tax year AND total assets at the end of the tax year less than $250,000, Schedules L and M-1 are not required.
Note: Even if the balance sheet (Schedule L) is not required for federal purposes, the information will transfer to those state returns that do require the information.
If Schedules L and M-1 are not required but you would still like to print these schedules, please follow the instructions below:
Using Forms Method:
- From within your TaxACT Desktop 1120S return, click Forms under the toolbar
- Click to expand the Forms and Schedules folder
- Double-click Form 1120S Page 2 - Schedule B
- Scroll down and select the checkbox below question 10
Using Q&A Method:
- While in your TaxACT return, select the Federal Q&A tab
- Select Miscellaneous located below the State Q&A tab
- Select Review to the right of Schedule L-Balance Sheet
- Select Quick Entry or Step-by-Step Guidance
- Select Yes to review the Schedule L, Balance Sheet per Books
- Select Continue until the screen titled Schedules L and M-1 Requirements (Note: You will only reach this screen if you are NOT required to file the Schedules L and M-1)
- Check the box next to Check here if you wish to complete Schedules L and M-1 anyway