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willatbird
willatbird
Level 5
September 8, 2021
Question

Schedule M-1 vs M-2 in 1065

  • September 8, 2021
  • 1 reply
  • 6 views

I have a complicated partnership return which is almost done BUT the Net income per books on the Schedule M-2 is not the same as the Net Income per books on the Schedule M-1. M-1 is correct. M-2 is excluding the depreciation adjustments on 4a and 7a on the M-1. Why? How do I fix it?

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1 reply

George4Tacks
George4Tacks
Level 15
September 8, 2021

Screen 28 probably has your solution. https://proconnect.intuit.com/community/form-1065/help/partnership-capital-account-analysis-and-schedule-m-2/00/3656 may help

Answers are easy. Questions are hard!
    willatbird
    willatbirdAuthor
    Level 5
    September 8, 2021

    Thanks for pointing me in the right direction. I had already checked the Recompute Sch M-2 box and forgotten about it. 

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