Printing Schedules L, M-1, and M-2
The answer to question 4 on Form 1065, Schedule B, controls the printing of Schedules L, M-1, and M-2.
When UltraTax CS answers
Yes
to question 4, it doesn't complete Form 1065, Total assets or Schedules L, M-1, M-2, and K-1, Partner's capital account analysis. This happens when the following are true:- Total receipts for the year were less than $250,000.
- Total assets at the end of the year were less than $1 million.
- Schedules K-1 are filed with the return and given to the partners on or before the due date (including extensions).
- The partnership isn't filing and isn't required to file Schedule M-3.
Force printing status
You can control the printing status for these schedules manually.
- Go to theGeneralfolder and open theOthInfowindow.
- Use theMeet all requirements for Question 4? (Force)dropdown to select a code.
- With code2forNo, UltraTax CS will complete Form 1065, Total Assets and Schedules L, M-1, M-2, and K-1, Partner's Capital Account Analysis.
- With code1forYes, UltraTax CS won't complete Form 1065, Total Assets and Schedules L, M-1, M-2, and K-1, Partner's Capital Account Analysis.note
- If you want to print the Schedule K-1, Item L and Schedule L, M-1, and M-2, enter code1in thePrint schedules when not requiredfield.
- If you want to print only the Schedule K-1, Item L, enter code2in thePrint schedules when not requiredfield.