Why is my schedule L, M-1 and M-2 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, M-1, and M-2 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.
You may have noticed your Schedules L, M-1, and M-2 were printing blank even though amounts have been entered into the TaxAct® program. This will usually occur when the Schedule L is not a required form to be submitted with the return. To force the printing of the Schedule L and display the numbers entered, check the box under Line 13 of the Schedule K.
- From within your TaxAct Desktop 1120 program click Forms under the toolbar
- Click to expand the Forms and Schedules folder
- Double-click Form 1120 Pages 3 and 4 - Schedules J and K
- Scroll down and select the checkbox below question 13
- From within your TaxAct Corporation 1120 Online return click the Basic Info tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Basic Info
- Click the text Special Filings (located directly under the Federal tab) and continue through the screens until you reach the screen titled Basic Info-Total Assets
- If your total assets entered are below $250,000 the Schedule L, M-1, and M-2 will not print and the box on Schedule K below question 13 will automatically be checked yes.
- To force printing of these Forms, click the Print link at the top right side of the screen
- Click Print Individual Forms
- Expand the Federal Forms folder and then expand the Forms and Schedules folder
- Select the Form-1120 Page 5- Schedules L, M-1, and M-2 to print
- Click print and then click the document name to view and/or print it. The document will appear in a PDF read-only format and at that time you can click the printer icon on the screen to actually print, or close the window without printing.