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I just open an LLC and converted to SCorp may 2017. I had no income (didn't do anything). How do I submit this? Schedule C or 1120s?

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Self Employed Online

Best answer by DianeW777

You should file the Form 1120S because this can no longer be reported directly on your tax return. The IRS will be looking for the return, regardless of the inactivity. If there was no income or deductions you can simply enter zero.

S corporations must file a summary of information regarding income, deductions, credits, and other items that pass through to the corporation's shareholders. You provide this summary to the IRS through Schedule K,Shareholders' Pro Rata Share Items. You include Schedule K when you file Form 1120S, then the Schedule K-1 is used by the shareholder to report the information on their personal return.

D

DianeW777Answer

You should file the Form 1120S because this can no longer be reported directly on your tax return. The IRS will be looking for the return, regardless of the inactivity. If there was no income or deductions you can simply enter zero.

S corporations must file a summary of information regarding income, deductions, credits, and other items that pass through to the corporation's shareholders. You provide this summary to the IRS through Schedule K,Shareholders' Pro Rata Share Items. You include Schedule K when you file Form 1120S, then the Schedule K-1 is used by the shareholder to report the information on their personal return.

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kevinbhernandezAuthor

Do i then need turbo tax self employed + business (for 1120s) or the regular version will be enough with the business for the 1120s? dont want to accidentally submit schedule C in the 1040 then submit aswell in the 1120s and then