For an s-corp how do you full out an M-2 when you an annual overall income loss (so a negative line 2)?
Filling out Schedule M-2 for an S-Corp with an overall income loss can be a bit tricky. Schedule M-2 is used to analyze the adjustments to the corporation's accumulated adjustments account (AAA), which is essentially the account that tracks the corporation's undistributed income. Here's a simplified way to fill it out: 1. Line 1: Start with the beginning balance of the AAA. If this is the first year, it will be zero. 2. Line 2: Enter the net income (loss) per books. If you have a loss, this will be a negative number. 3. Line 3: Add any income that is tax-free. This is usually zero for most S-Corps. 4. Line 4: Subtract any expenses related to tax-free income. Again, this is usually zero for most S-Corps. 5. Line 5: Add back any federal taxes tied to income. 6. Line 6: Add any excess net passive income or LIFO recapture tax. This is usually zero for most S-Corps. 7. Line 7: Add lines 1 through 6. This is your ending balance for the AAA. 8. Line 8: Enter distributions other than dividend distributions. This is usually the total of all distributions made during the year. 9. Line 9: Subtract line 8 from line 7. This is your ending balance for the AAA. Remember, if your AAA balance
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