Schedule m-2 on 1120-S

I am attempting to enter the information for schedule M-2. I want to add a sum for section c - accumulated earnings and profits. However, where do I find the field to add this infomation? I only find the other options, which are accumulated adjustments, shareholders income, and other adjustments. How can I enter the info for accumulated earnings?

thank you,

J B

1036

1 Best answer

Expert Alumni

Feb 8, 2023 8:32:14 AM

While you normally don't need to make changes to your Accumulated Earnings (column c) on your Schedule M-2, you can do this in TurboTax Business by following these steps:

Within your tax return, use the Forms icon at the upper right to switch to Forms mode
Select Form 1120S p3-5 on the left-hand menu
Scroll down to the bottom of the pages and enter your information directly into the column c boxes you need.

@janicebrown

Level 15

Feb 7, 2023 6:47:27 PM

See https://www.irs.gov/instructions/i1120s#en_US_2021_publink11515kd0e7032

Level 15

Feb 7, 2023 6:48:19 PM

Expert Alumni

Feb 8, 2023 8:32:14 AM

While you normally don't need to make changes to your Accumulated Earnings (column c) on your Schedule M-2, you can do this in TurboTax Business by following these steps:

Within your tax return, use the Forms icon at the upper right to switch to Forms mode
Select Form 1120S p3-5 on the left-hand menu
Scroll down to the bottom of the pages and enter your information directly into the column c boxes you need.

@janicebrown

Level 15

Feb 8, 2023 8:35:55 AM

@janicebrown wrote:

I only find the other options, which are accumulated adjustments, shareholders income, and other adjustments. How can I enter the info for accumulated earnings?

There is no input for the field to which you are referring (column c) as shown in the screenshot from an actual 1120-S. The adjustments would be entered in column a.

Level 1

Feb 15, 2023 11:12:26 AM

Thank you Alicia! That was exactly what I was looking for.

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Schedule m-2 on 1120-S