Schedules L, M-1, and M-2 FAQ (1065)

Alerts and notices

The following includes an answer to a common question about Schedules L, M-1, and M-2.


Why aren't Schedules L, M-1, and M-2 being completed?


The printing of these schedules is controlled by the answer to Form 1065, Schedule B, question 4.

If the requirements for Schedule B, question 4 are met, UltraTax CS answers Yes to question 4 and does not complete Form 1065, Total assets or Schedules L, M-1, M-2, and K-1, Partner's capital account analysis.

  • 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 is not filing and is not required to file Schedule M-3.


  • Use the Meet all requirements for Question 4? field in Screen OthInfo to force a different answer.
  • When the answer to question 4 is Yes, use the Print schedules when not required? field in Screen OthInfo to complete these items.

Related topic: 1065 Frequently asked questions