Schedule U-M: Member’s Income and Expenses (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule U-M reports a member corporation’s income and expenses for 2024. It shows federal amounts, adjustments, excluded income, separately stated taxable income, and adjusted totals, including net income before net operating losses and special deductions.
What you'll need
To complete the schedule, have the information used in its fields available:
- The member’s name, federal identification number, and tax year beginning and ending dates.
- The principal reporting corporation’s name and federal identification number.
- The source of the figures, such as pre-consolidation separate-company figures, a separate U.S. Form 1120 as filed, or one of the listed pro forma sources.
- Income and expense figures, along with fiscalization adjustments, combined reporting adjustments, excluded income, and separately stated taxable income.
- Form 4797 figures if reporting net gain or loss on line 9, and Form 7205 figures if reporting the energy efficient commercial buildings deduction on line 25.
How to file
The return must be filed electronically. Paper versions will not be accepted.
For questions about electronic filing, call 617-887-6367. See the Massachusetts DOR electronic filing and payment requirements for more information.
Common mistakes
- Submitting a paper return: The form warns that electronic filing is required and paper returns will not be accepted.
- Checking multiple sources for the figures: In the “Figures shown are taken from” area, check no more than one option.
Questions people ask
What tax year is this schedule for?
This version is for calendar year 2024 or a taxable period beginning in 2024. The form includes fields for the period’s beginning and ending dates.
What does Schedule U-M report?
It reports a member’s income and expenses, including total income, total deductions, and net income before NOL and special deductions.
Can I file a paper version?
No. The form states that the return must be filed electronically and that paper versions will not be accepted.
Which group election choices appear on the form?
The choices are “Affiliated group,” “Worldwide,” and “Neither.”
Where do I report the energy efficient commercial buildings deduction?
Line 25 is for this deduction and identifies Form 7205 as its source.