If Schedules L, M-1, and M-2 print blank even though amounts were entered, it means the partnership meets all four of the following conditions:
- 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-1s 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.
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.
To print these schedules even when not required:
- From within your TaxAct 1065 return (Online or Desktop) select Basic Info to expand, then click Other Info. On smaller devices, click in the upper left-hand corner, then click Basic Info.
- Continue with the interview process to enter all of the appropriate information.
- On the screen titled Schedule B - Schedules L, M-1 and M-2 Requirements, select Yes, then click Continue.
- On the second screen titled Schedule B - Schedules L, M-1, M-2 Requirements, check Print Schedules L, M-1, and M-2 to force the print, then click Continue.