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Schedules L, M-1, and M-2 (Form 1120)
1

Why are 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 are 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:

Online Navigation Instructions
  1. From within your TaxAct 1120 return (Online or Desktop) select Basic Info to expand, then click Special Filings. On smaller devices, click in the upper left-hand corner, then click Basic Info.
  2. Continue with the interview process to enter all of the appropriate information.
  3. On the screen titled Total Assets, if your total assets entered are less than $250,000, Schedules L, M-1, and M-2 will not print and "Yes" will automatically be checked for Schedule K below Question 13.
  4. To force printing of these Forms, click Print Center to expand, then click Custom Print.
  5. Check Forms and Schedules, select Form 1120 Page 6 - Schedules L, M-1, and M-2, click Print, then click the document name to view and/or print. 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.

Note. This will not print if any products are not paid. Please click the View/Pay your return fees link to initiate the task.

Desktop Navigation Instructions
  1. From within your TaxAct Desktop 1120 program, click Forms under the toolbar.
  2. Click to expand the Forms and Schedules folder.
  3. Double-click Form 1120 Pages 3 - 5 - Schedules J and K.
  4. Scroll down and select the checkbox below question 13.