Generally corporations with total receipts and total assets at the end of the tax year totaling less than $250,000 are not required to complete Schedules L, M-1 and M-2, and if the forms aren't required then TaxSlayer Pro won't print them with the return. However, you can force these forms to print if desired.
Form 1120 Corporation Return
From the Main Menu of the Tax Return (Form 1120) select:
- Schedule K - Other Information
- Receipts and Assets at Year End Less Than 250,000?
- YES - You will be prompted to enter the total cash and property distributions for the year.
- New Schedule K menu options will be available: Print Schedule L?, Print Schedule M-1?, and Print Schedule M-2?. Change each option to YES to print the Schedules.
Form 1120-S S Corporation Return
From the Main Menu of the Tax Return (Form 1120-S) select:
- Schedule B - Other Information
- Receipts and Assets at year end less than 250,000
- YES
- New Schedule B menu options will be available: Print Schedule L? and Print Schedule M-1? Change each option to YES to print the Schedules.