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.
To print these schedules from your desktop return using the Forms Method:
- From within your TaxAct® Desktop 1120-S return, click Forms under the toolbar.
- Click to expand the Forms and Schedules folder.
- Double-click Form 1120-S Page 2 - Schedule B.
- Scroll down and check the box below question 10.
To print these schedules from your online return using the Q&A Method:
- From within your TaxAct return (Online or Desktop), click Federal to expand, then click Miscellaneous. On smaller devices, click in the upper left-hand corner, then click Federal.
- Click Review on the "Schedule L - Balance Sheet" row, then click Yes to review the schedule.
- Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
- On the screen titled Schedules L and M-1 Requirements, check Click here to print Schedules L and M-1 even if not required, then click Continue.
Note. You will only reach this screen if you are NOT required to file Schedules L and M-1.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.