How do you get Schedule M-1 Items Worksheet to populate with data from K-1s?

Forum|Forum|4 years ago
September 29, 2021
1 reply
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I'm trying to populate the 1065 Schedule M-1. I manually entered the Net Income, Expenses recorded on books, and other tax-exempt income from pass through directly onto the Schedule M-1, but none of the totals are totalling. I tried using QuickZoom to post the data in the M-1 Items Worksheet, but they don't pull into the Schedule M-1.

ProSeries Professional

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Best answer by dd4vols

At the top of the M-1 worksheet, do you have 'display difference amounts on schedule M-1).

you don't enter your info on the M-1, only on the M-1 Worksheet, Such as non-taxable PPP funds, would go on the M-1 Worksheet under Other permanent items (income), etc

You need to eliminate the stuff you manually posted on the M-1.

the net income should automatically come from page 5, line 1.

Unless there is some relevance to your wording of "income from pass through"

dd4vols

Answer

Intuit Community Champion

At the top of the M-1 worksheet, do you have 'display difference amounts on schedule M-1).

you don't enter your info on the M-1, only on the M-1 Worksheet, Such as non-taxable PPP funds, would go on the M-1 Worksheet under Other permanent items (income), etc

You need to eliminate the stuff you manually posted on the M-1.

the net income should automatically come from page 5, line 1.

Unless there is some relevance to your wording of "income from pass through"

If an answer solves your issue, click on the "Mark as Best Answer" button! Makes it easier for people to find answers to similar questions that have already been posted.

D

davetodd11Author

Level 5

I have now checked the "display 'difference' amounts on schedule M-1" and removed my manual entries from the the actual M-1. Should I still leave the data in the Schedule M-1 Smart Worksheet blank? The M-1 is still not showing data.

One thing I should mention. All of the partnership's income comes from 4 other partnerships. I've entered all the K-1 data for those 4 partnerships, but the Nondeductible Expenses from Box 18 Code B and the Other Tax-Exempt Income from Box 18 Code C of the K-1s don't carry to lines 18b and 18c of the Schedule K. All of the other data from the K-1s does carry over to that Schedule. Could that have anything to do with the issue I'm seeing? I notice that Schedule I does not have a "From K-1s" column for 18b and 18c, (as does 18a). I thought maybe this was something that I should manually enter on the M-1 Worksheet, but it only prompts for "Per Books" entries.

D

davetodd11Author

Level 5

I see where there is a note under Line 18 on the K-1 Entry Wks that states, "Not provided for in the program. Manually enter on appropriate tax form." I went back to lines 18b and 18c of the Schedule K and tried to quickzoom/cross-reference, but that doesn't seem to take me to the place where I can actually manually enter the data.

Here's what the K-1s show:

18B:

$1,618 for "EIDL advance"
$1,207 for "Nontaxable income - passthrough".

18C:

$12 for "Excluded meals and entertainment expenses"
$6,525 for "Key person life insurance"
$78 for "Nondeductible expenses - passthrough"

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