ProConnect HelpIntuit HelpIntuit

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

SOLVEDby Intuit4Updated over 1 year 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 tab.
  2. From the left of the screen, select General and choose Miscellaneous Information.
  3. From the top of the screen, select Miscellaneous.
  4. Scroll down to the Other Information (Schedule B) section.
  5. 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:

  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.

Was this helpful?

You must sign in to vote, reply, or post
ProConnect Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.

Dynamic AdsDynamic Ads