In this paper, we derive a closed-form algorithm of the computationally efficient Symbol-Level Precoding (SLP) for power efficient communications when using M-QAM modulated waveforms. The channel state information (CSI) based and data-aided SLP technique optimizes power efficiency by solving a non-negative convex quadratic optimization problem per time frame of transmitted symbols. The optimization combines constructive inter-user interference to minimize the sum power of precoded symbols at the transmitter side under constraints for minimum SNR at the receiver side. The SLP implementation incurs extra computational complexity of the transmitter. We propose a convex quadratic optimization problem for M-QAM constellations and derive a closed-form algorithm with a fixed number of iterations to solve the problem.