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Why are my Schedules L and M-1 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 and M-1 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.

If Schedules L and M-1 are not required but you would still like to print these schedules, please follow the instructions below:

Using Forms Method:

    1. From within your TaxACT Desktop 1120S return, click Forms under the toolbar
    2. Click to expand the Forms and Schedules folder
    3. Double-click Form 1120S Page 2 - Schedule B
    4. Scroll down and select the checkbox below question 10

Using Q&A Method:

    1. While in your TaxACT return, select the Federal Q&A tab
    2. Select Miscellaneous located below the State Q&A tab
    3. Select Review to the right of Schedule L-Balance Sheet
    4. Select Quick Entry or Step-by-Step Guidance
    5. Select Yes to review the Schedule L, Balance Sheet per Books
    6. Select Continue until the screen titled Schedules L and M-1 Requirements (Note: You will only reach this screen if you are NOT required to file the Schedules L and M-1)
    7. Check the box next to Check here if you wish to complete Schedules L and M-1 anyway


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