Schedule M-1: Federal Reconciliation (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule M-1, Federal Reconciliation, reports a corporation’s income, expenses, deductions, and taxable income before net operating loss and special deductions for 2024. It also includes questions about corporate ownership.
What you'll need
Have the information requested on Schedule M-1 ready:
- The corporation’s name, Federal Identification number and tax-year information.
- Income and expense figures for Part 1, including sales, cost of goods sold, other income and deductions.
- Form 4797 figures for the net gain or loss reported on line 9.
- Form 7205 figures for the energy efficient commercial buildings deduction reported on line 25.
- Year-end corporate ownership information for Part 2, including entity names, Federal Identification numbers, countries and ownership percentages. Question 1 also asks for the type of entity.
How to file
File electronically. The form states that paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the Massachusetts Department of Revenue’s electronic filing and payment requirements for more information. The form also refers filers to TIRs 16-9 and 21-9.
Common mistakes
- Submitting a paper return: The form warns that this return must be filed electronically. Paper versions will not be accepted.
Questions people ask
What does Part 1 cover?
Part 1 reports income and expenses, including total income, total deductions and taxable income before the NOL deduction and special deductions.
Where do the figures for lines 9 and 25 come from?
Line 9 lists net gain or loss from Form 4797. Line 25 lists the energy efficient commercial buildings deduction from Form 7205.
What ownership question does Part 2, question 1 ask?
It asks whether, at the end of the tax year, a foreign or domestic corporation, partnership, entity treated as a partnership, trust or tax-exempt organization owned, directly or indirectly, more than 50% of the total voting power of the corporation’s stock entitled to vote.
What ownership question does Part 2, question 2 ask?
It asks whether, at the end of the tax year, the corporation owned, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation.