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Requirements for completing Schedule M-3, Parts II and III

If you're a partnership, you'll need to complete Parts II and III if your ending total assets are $50 million or more. You don't have to complete Schedule M-3, Parts II and III if your ending total assets are less than $50 million, or if the partnership is filing Schedule M-3 as a voluntary filer.
Do the following to complete Schedule M-1 (instead of Schedule M-3, Parts II and III):
  • For all clients:
     Select
    Setup
    ,
    1065 Partnership
    , then
    Other Return Options
    . Mark the
    Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III when total assets are less than $50 million
     checkbox.
  • To complete Schedule M-1 or to override the global selection:
     In the Other Return Options window on a client-by-client basis, select
    Yes
     or
    No
     in the
    Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III
     field in the M3 screen.
note
Entries in the
Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III
 field in the M3 screen and the
Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III when total assets are less than $50 million
 checkbox in
Other Return Options
 are ignored if the total ending assets are $50 million or more.

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