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September 19, 2023
Question

Should i file return for a s corp

  • September 19, 2023
  • 3 replies
  • 0 views
i didn't the see the form in document 

3 replies

DoninGA
Employee
September 19, 2023

An S Corporation tax return, Form 1120S, can only be completed and filed using the TurboTax Business Edition.  The Business Edition has to purchased, downloaded and installed on a Windows based personal computer.

 

Go to this TurboTax website for the 2022 Business Edition - https://turbotax.intuit.com/small-business-taxes/

September 19, 2023

By the way the normal due date for a calendar S-Corp return is 9/15 of the following year, so it's likely you're filing late. expect a penalty notice. 

September 22, 2023

I STRONGLY recommend going to a tax professional for the corporation.  In my opinion, corporate taxes are NOT a do-it-yourself thing.  And especially if this is your first year.

 

And as was noted, the corporate return is late.  And if you didn't file an extension for the corporation (which is different than the extension for your personal tax return), the late-filing penalty is already over $1500 per shareholder.   So this is something you really need to go to a tax professional.

 

 

VolvoGirl
Employee
September 22, 2023

Or do you need to enter a K-1 you got from the S corp?  You need Premier or Premium or the Self Employed version to enter a K-1.