What is the form used for? :
Partnerships file Schedule M-3 (Form 1065) to:
- Answer questions about their financial statements and reconcile the net income (loss) for the consolidated financial statement group to income (loss) per the income statement for the partnership.
- Reconcile financial statement net income (loss) for the partnership to line 1 of the Analysis of Net Income (Loss) found on Form 1065 and Form 1065-B.
Is the form Supported in our program? The Schedule M-3 form is supported in the 1065 Partnership package exclusive to the Desktop version of UltimateTax.
How to access the form: While in a return, use the Add Form function to add a new "Sch M3" form to the return.
Limits to the form: This form is only available for the 1065 package. There is a limit of one copy to each return.
IRS Link: https://www.irs.gov/forms-pubs/about-schedule-m-3-form-1065
Schedule M-3 (1120) - Net Income (Loss) Reconciliation for Corporations