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June 1, 2019
Question

What forms should I fill out for an S-Corp with $0 income, and a couple thousand in expenses.

  • June 1, 2019
  • 1 reply
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I elected my LLC to be taxed as an S-Corp for 2016. Are there any additional forms I should make sure to fill out? I had $0 income from the company, but did have expenses in 2015 and 2016.

1 reply

Carl11_2
Employee
June 1, 2019

For all intents and purposes, when it comes to taxes, an LLC that has elected to be treated like an S-Corp, *is* an S-Corp when it comes to the tax return. Therefore, your business will file it's own completely separate tax return on IRS Form 1120-S. For this, you have to use TurboTax Business (completely different program from Home & Business).

TurboTax Business is not available as an online product, and is not available for MACs. It's a windows program only. You must purchase the CD, or purchase the downloadable CD installation and physically install it on a windows computer. To purchase the CD/Download online, go to https://turbotax.intuit.com/small-business-taxes/ to get it.

Note that TurboTax Business can not be used to prepare a personal tax return of any type. But you have to complete the business return first, before you can even start your personal return. That's because the business will issue K-1's and any other necessary tax reporting documents to the owner(s) of the business, and they will use these forms for reporting their income or losses on their personal tax return.