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Suppressing the Balance Sheet (Schedule L) and M-1 for an S-Corporate return in ProConnect Tax

by Intuit Updated 8 months ago

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:

  1. Go to the Input Return General Miscellaneous Information.
  2. From the top of the screen, select Miscellaneous.
  3. Scroll down to the Other Information (Schedule B) section.
  4. 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 if the balance sheet and M-1 are still generating:

  1. From the left of the screen, select Balance Sheet, M-1, M-2, M-3 and choose Balance Sheet Miscellaneous.
  2. Scroll down to the Other subsection.
  3. 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.
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