Why are my Schedules L, M-1, and M-2 printing blank even though amounts have been entered?
If the partnership satisfies all four of the following conditions, Schedules L, M-1, and M-2 are not required:
- The partnership’s total receipts for the tax year were less than $250,000.
- The partnership’s total assets at the end of the tax year were less than $1 million.
- Schedule K-1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return.
- The partnership is not filing and is not required to file Schedule M-3.
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, M-1, and M-2 are not required but you would still like to print these schedules please follow the instructions below:
- From within your TaxAct® return (Online or Desktop) select the Basic Info tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Basic Info
- Select Other Info located below the State tab
- Select Continue or No until you reach the screen titled Schedule B – Schedules L, M-1, M-2 Requirements
- If this question is answered Yes, checking the box on the next screen will allow you to print Schedules L, M-1, and M-2
- If this question is answered No, Schedules L, M-1 and M-2 will print