If Question 10 within Schedule B of Form 1120-S U.S. Income Tax Return for an S Corporation is marked "No" when it should be marked "Yes," you can change it.
To change the entry:
- From within your TaxAct return (Online or Desktop), click Basic Info to expand, then click Corporation Info. On smaller devices, click in the upper left-hand corner, then click Basic Info.
- Continue with the interview process to enter all of the appropriate information.
- On the screen titled Schedule M-3 Filing Requirement, clear/uncheck File Schedule M-3 for this return, then click Continue.
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.