Drake Tax - 1065: Force Print L, M-1, M-2, and Item F

How to print Schedules L, M-1, M-2 and Item F on a partnership

These items, and Section L of a Partnership K-1, are produced if:

• On screen B, question 4 is answered No. The conditions for this question are listed below.

• On the PRNT screen, enter a check in the box FORCE print Schedules L, M-1, M-2 & K-1 Section L.

Although Form 1065, page 1, Item F, is not referenced on either screen, it is also produced.

A partnership is not required to complete Schedules L, M-1, and M-2; Item F on page 1 of Form 1065; or Item L on Schedule K-1 (the partnership K-1), when these four conditions are met (that is, when question 4 of Schedule B (screen B) of Form 1065 is answered "Yes"):

1. The partnership’s total receipts for the tax year were less than $250,000.

2. The partnership’s total assets at the end of the tax year were less than $1 million.

3. Schedules K-1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return.

4. The partnership is not filing and is not required to file Schedule M-3.