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) click Basic Info (on smaller devices, click in the top left corner of your screen, then click Basic Info).
- Click Other Info, then continue with the interview process entering your information until you reach the the screen titled Schedule B - Schedules L, M-1 and M-2 Requirements, then click Yes.
- On the second screen titled Schedule B - Schedules L, M-1, M-2 Requirements, click the Checkbox next to Print Schedules L, M-1, and M-2.