How do I suppress the Schedule L and M-1 for an S-corporate return?
To turn off the Schedule L and M-1 for an S Corporation:
- Go to Screen 3.1, Miscellaneous Information.
- Scroll to the section Other Information (Schedule B).
- Enter a 1 in the field Total Receipts and Total Assets at End of Year are Less Than $250,000: 1 =Yes, 2 =No [O]
If the balance sheet and M-1 are still generating:
- Go to Settings on your menu bar.
- Click Options.
- Select the Tax Return tab.
- Scroll to Federal Tax Options section.
- Verify whether Schedule L and M-1 is set to Force.
- If yes, click the down arrow and choose When Applicable.
- Click OK to save your changes and exit Options.
Note: An entry on Screen 30, Balance Sheet Miscellaneous in the field Schedules L and M-1: 1=force, 2=when applicable [O] will override the input in Screen 3.1. Verify that field is empty.