This article will show you how to suppress the Balance Sheet (Schedule L) and Schedule M-1 in the S-Corporate module of Intuit ProConnect.
Follow these steps to turn off the Schedule L and M-1 for an S corporation:
- Go to the Input Return tab.
- From the left of the screen, select General and choose Miscellaneous Information.
- From the top of the screen, select Miscellaneous.
- Scroll down to the Other Information (Schedule B) section.
- Enter a 1 in Corporation's total receipts and total assets at the end of the year are less than $250,000: 1=yes, 2=no [Override].
Follow these steps f the balance sheet and M-1 are still generating:
- From the left of the screen, select Balance Sheet, M-1, M-2, M-3 and choose Balance Sheet Miscellaneous.
- Scroll down to the Other subsection.
- Make sure there isn’t an entry in Schedules L and M-1: 1=force, 2=when applicable [Override].
- If there is an entry in this field, delete it.