Calculate Schedule M-1 instead of Schedule M-3

Follow these steps to calculate Schedule M-1 instead of Schedule M-3 when total assets at the end of the year equal less than $50 million.
  1. Select
    Setup
    , then
    1120 Corporation
    .
  2. Select the
    Federal
    tab, then
    Other Return Options
    .
  3. Select the
    Return Presentation
    tab and mark the
    Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III when assets are less than $50 million
    checkbox.
  4. Enter the data on either the
    Mc
    screen or
    Ms
    screen in the Balance Sheet folder to complete Schedule M-1.
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