1065-US: Automatic calculations for Schedule M-3 (FAQ)

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Question

Does UltraTax CS perform any automatic calculations for Schedule M-3?

Answer

UltraTax/1065 automatically transfers book and tax amounts and calculates the necessary temporary or permanent difference for the following items on Schedule M-3.

UltraTax/1065 also automatically transfers book and tax amounts and calculates the necessary temporary or permanent difference for the following items on Form 8916-A.

In addition to the automatic calculations above, if the Calculate adjustment to balance Schedule M-3 field in Screen M3 is marked and the Other items with no differences field in the applicable input screen is blank, UltraTax/1065 makes the following adjustments.

Due to the complexity of Schedule M-3, you must carefully review these amounts and make changes accordingly. In Screens M3-2, M3-3, and 8916A, an asterisk (*) denotes which fields have automatic calculations. To override the calculations, enter an amount, including 0 (zero), in the appropriate field.

Related topic: Schedule M-3 FAQs (1065)

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