This is the second year in business and I'm an S-Corp.
TT only filled out the balance sheet and section M-1, but not section M-2.
My last year's return had section M-2 filled out, but this year it isn't filled out. However, my Schedule L (Balance sheet) and M-1 Sections are filled out.
Should I be worried that the M-2 isn't filled out?
Where in TT do they ask you questions that would dictate whether it is filled out?
Thanks,
There is absolutely no downside to including it and TurboTax Business should calculate the worksheet (and form) for you if you opt for the program to do so.
As far as being required, it is not unless you maintain an AAA.
You can check the "Yes" box next to "Compute Schedule M-2?" in Forms Mode (page 5 on Form 1120-S).
Is this form required? I can't seem to find a clear answer on that.
Or is there any downside to including it?
There is absolutely no downside to including it and TurboTax Business should calculate the worksheet (and form) for you if you opt for the program to do so.
As far as being required, it is not unless you maintain an AAA.