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Screen MSM2 - Mississippi Analysis of Unappropriated Retained Earnings (1120)
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Schedule M-2
The application automatically transfers data from Schedules M-1 and M-2 of federal Form 1120 or 1120S to Form 83-120, Schedules M-1 and M-2. Overriding directly on the form can modify amounts. However, for clients filing federal Form 1120S, modifications for other increases, distributions, and other decreases should be entered in the statements provided in this section.
Other increases / Other decreases
For S Corporations, the application automatically transfers data from the federal Schedule M-2 Worksheet to these fields. Use the statements to change the increases and decreases to unappropriated retained earnings for Schedule M-2 to ensure that the detail agrees with the amount on the form.
Distributions
Distributions in this statement transfer from federal Form 1120S. In order to place the amounts on the appropriate lines of Form 83-120, Schedule M-2, enter the correct class codes. The codes are listed in the fieldview list and in the table that follows.
Class Code
| Description | Destination |
|---|---|---|
C | Cash distributions (default) | Schedule M-2, line 5a |
P | Property distributions | Schedule M-2, line 5c |
S | Stock distributions | Schedule M-2, line 5b |
Mississippi adjustment (Force)
The application automatically calculates an adjustment for the difference between federal Form 1120S, Schedule L, end-of-year balance for Retained Earnings, and federal Form 1120S, Schedule M-2. To change the calculated adjustment, enter an amount in this field. To delete the item from the printed statement, enter
0
(zero). If 0
(zero) is entered, the application will not
include the item in the printed statement or in the amount displayed on the form.