s corp tax

Forum|Forum|3 years ago
February 8, 2023
2 replies
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I converted an LLC to an S-Corp in May of 2022. Do I file the 1120S for the full year or only from May to December

Not A Product Question

Anonymous_

Employee

When did you file your 2553? Was it accepted?

An S corporation election can be retroactive to the first day of the tax year if the election is filed within 2 1/2 months after the beginning of the tax year.

JulieS

Yes, you will file a 1120-S for the portion of the year after you converted to an S-Corp. The first part of the year would be filed the way you filed in the past, probably Schedule C or 1065.

That being said, tagteam is pointing out that you can make your election to file as an S-Corp retroactive. The election is made on Form 2553 and you are allowed to file that as late as the due date of the first 1120-S (March 15, 2023).

If you have already filed Form 2553, and it was accepted, you will need to live with the date you entered in Box B. If you have not yet filed, click here to learn more about claiming the election from January 1, 2022.

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