I should have mentioned that the M-1 Form is not required, but keeps returning after I have deleted the form.
Is this an S corporation? If so, make sure you answer “Yes” to question 11 on Schedule B.
If this is a partnership (or multi-member LLC), the relevant line is Line 4 of Schedule B on your 1065.
It is an S Corp, and question 11 on schedule B is (and was) marked yes. The box is also marked to suspend the schedule L and M1 calculations.
You might want to go back through the About Your Business section in the Business Info tab.
If you still cannot resolve this, you should contact Support.
I am getting the same error. What is question 11 in Schedule B, and where can I locate it in TurboTax Business?
Enter Forms Mode and look for Schedule B on your 1120-S.
This is what I did and seemed to work:
1) Went to Forms View > Form 1120S p3-5
2) Scrolled down to Schedule M-1
3) Section F (Use amount on line E for Schedule M-1, line 1?): Clicked "No"
4) Section 1 (immediately below): Manually entered the income from Section E above
Good luck.
This one I can't seem to locate though I think this error has been resolved... Curious to know where this is though, as I can't go to Schedule B question 11 for some reason.
Box was improperly checked stating to use a value on the form. Unchecked box and problem is resolved. Box appeared have been checked as the default and had to be unchecked.
Yea team. Great, this worked. What a pain until I found your answer. Thanks for taking the time to do a step-by-step resolution
Thank you so much!! I kept getting errors with zeros being auto-filled and your suggestions cleared my problem!
We are happy to hear you were able to resolve the issue! Please let us know if you need additional assistance.
FYI, there was a difficulty associated with the 2021 version of TurboTax Business that might cause the OP's problem if you claimed a PPP loan forgiveness in the BUSINESS INFO section of the interview process.
Following the steps in the following link got rid of the problem for me: https://ttlc.intuit.com/turbotax-support/en-us/help-article/payroll-protection-program/change-ppp-loan-imported-quickbooks-nontaxable/L5N3qvz8V_US_en_US
You are commenting on an older thread. Is there anything we can assist you with? @Digger109