Requirements for completing Schedule M-3, Parts II and III
If you're a partnership, you'll need to complete Parts II and III if your ending total assets are $50 million or more. You don't have to complete Schedule M-3, Parts II and III if your ending total assets are less than $50 million, or if the partnership is filing Schedule M-3 as a voluntary filer.
Do the following to complete Schedule M-1 (instead of Schedule M-3, Parts II and III):
- For all clients:SelectSetup,1065 Partnership, thenOther Return Options. Mark theComplete Schedule M-1 in lieu of Schedule M-3, Parts II and III when total assets are less than $50 millioncheckbox.
- To complete Schedule M-1 or to override the global selection:In the Other Return Options window on a client-by-client basis, selectYesorNoin theComplete Schedule M-1 in lieu of Schedule M-3, Parts II and IIIfield in the M3 screen.
note
Entries in the
Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III
field in the M3 screen and the Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III when total assets are less than $50 million
checkbox in Other Return Options
are ignored if the total ending assets are $50 million or more.
