turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

turbotax business first time where to enter data for schedule M2?

using turbotax business first time for the 2020 tax year, it left schedule M2 blank. I guess since it had no previous tax data to work with? where do you enter the data that would end up populating the M2. In this case I had negative income for the 2020 year, i.e. line 21 is negative.

the 2019 return I prepared manually had a posative amount for the M2 ending balance, line 8

1 Best answer

Accepted Solutions

turbotax business first time where to enter data for schedule M2?

@Critter-3 is correct, but use caution when overriding any calculations by TurboTax.

View solution in original post

7 Replies

turbotax business first time where to enter data for schedule M2?

You did not mention whether you are preparing a 1065 or 1120-S, but you will likely have to enter some (or all) of the figures in Forms Mode.

turbotax business first time where to enter data for schedule M2?

this is for an 1120s, I have not seen 'forms mode' yet but I haven't had any reason so far to look for it.

Is 'forms mode' that something where you manually

enter some forms that are then included with the rest of the return that is produced by turbotax?

it appears the M2 schedule is not itself a separate form but is part of the larger 1120s return.

turbotax business first time where to enter data for schedule M2?

ok I see it now in "forms in my return", 1120s p3-5, looks like I can just enter my manual calculations and they will then be included in the return produced by TT.

makes sense that this type of functionality would need to be included.

Brings up another question. if TT somehow does not generate the correct number for some part of the return, can 'forms in my return' be used to over write the TT calculation.?

turbotax business first time where to enter data for schedule M2?

Yes ... the FORMS mode is used to make entries you are not able to make in the interview mode. 

turbotax business first time where to enter data for schedule M2?

@Critter-3 is correct, but use caution when overriding any calculations by TurboTax.

noidaubachu
Returning Member

turbotax business first time where to enter data for schedule M2?

i am having the same problem with my business as well.

turbotax business first time where to enter data for schedule M2?


@noidaubachu wrote:

i am having the same problem with my business as well.


What problem? Have you read the posts in this thread?

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies