1120-US: Filing Schedule M-3 (FAQ)

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Question

When is Schedule M-3 required to be filed?

Answer

Schedule M-3 is required in lieu of Schedule M-1 for corporate filers that report on Schedule L total assets at the end of the tax year equal to or exceeding $10 million. Corporations filing Schedule M-3 must not file Schedule M-1. A corporation that is not required to file Schedule M-3 can file it voluntarily.

If total assets at the end of the year are less than $50 million, the corporation can choose to file Schedule M-1 in lieu of Schedule M-3. If you want UltraTax/1120 to complete the Schedule M-1, mark the Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III when assets are less than $50 million checkbox via the Setup > 1120 Corporation > Federal > Other Return Options > Return Presentation tab. Note that this option applies to all 1120, 1120-C, 1120-F, and 1120S clients. To set this option on a return-by return basis, mark the Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III field on Screen M3, Screen M3F or Screen M3S. UltraTax CS disables this field if the respective checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab is already marked. You must also enter the applicable data in either Screen Mc or Screen Ms in the Balance Sheet folder.

Related topic: 1120-US: Schedule M-3 FAQs

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