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

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.  But 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:

  1. From within your TaxAct 1120 return (Online), click Basic Info, then click Special Filings (on smaller devices, click in the top left corner of your screen, then click Basic Info).
  2. Continue with the interview process until you reach 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 automatically, but you will be allowed to print manually.
  3. Click the Print Center dropdown, then click Custom Print.
  4. In the Forms and Schedules section, click the Checkbox next to Form 1120 Page 6 - Schedules L, M-1, and M-2.
  5. Click Print, then click the PDF link that is provided for printing. Click the Print icon, then click Print in the dialog box that appears.

Note. This will not print if you haven't paid for your TaxAct product.  Click View/Pay your return fees to pay for your TaxAct product.

  1. From within your TaxAct 1120 return (Desktop), click Forms in the options bar to view Forms Explorer (if it is not already visible).
  2. Click the Forms and Schedules dropdown, then click Form 1120 Pages 3 - 5.
  3. The form opens in Forms View, scroll down to Schedule K, and after question 13, click the Checkbox next to Check this box if Schedules L, M-1 and M-2 are NOT required but you would like to print these schedules with the return.