M-2 turn off?

[7204 MEM]

Is it possible to turn off Sch M-2 in an 1120S when it's not required for a client, similar to M-1 and Sch L. Lacerte has the option but I can't find it in ATX.

[joanmcq]

I think it's under global settings. I'll take a look at the next S I open if someone doesn't beat me to it

[7204 MEM]

I don't even have a "global settings" option in 1120S returns. Okay, this coupled with the fact that I can't add book to tax differences to the 1120S Sch L, Retained Earnings, is leading me to think I don't have a full program here. Are there functionality differences in the Pay Per Return program vs. the Unlimited Plan? I primarily do business returns.

[Lee B]

These setting are options at the bottom of the balance sheet page for each corporate return.

The book/tax differences are a separate schedule which have always worked for me.

Not aware of any program differences between PRS and MAX

[7204 MEM]

Thanks for the response. The only "option" I have is to turn off M-1 and L, no M-2. I also can't find the separate schedule for book/tax differences on Retained Earnings (1120S Sch L, Line 24). I would be grateful if you uploaded print screens! I am frustrated.

[joanmcq]

Sorry, the 'global settings' is for the K-1, 'options' is to show B/S & M-1 when not required. You can't turn off M-2, see question 10 on pg. 2 of the return.

[joanmcq]

For what it's worth, on the client I'm working on now, I made a line item on the BS, line 25: difference between AAA & RE

[7204 MEM]

OMG! I found where I think the programmers intended book/tax differences to be input for 1120S Sch L Retained Earnings. It's not really a separate schedule. From the BS, jump to the M-2 - Retained Earnings Schedule. It's a reproduction of the tax return for AAA with an EXTRA COLUMN titled "Retained Earnings Unappropriated/Timing Differences". It allows you to adjust AAA to book Retained Earnings as well as add an itemized list (which I think will print???). That's were I'll put my current issue which is a Distribution in Excess of AAA. I too had the adjustment on BS, Line 25 but don't want to confuse the client (or myself) when this rolls forward to next year.