Question

If I had an S-corp that closed last year and had a loss am I able to write off the loss this year as well

Forum|Forum|5 years ago
February 18, 2021
3 replies
0 views

I owned an S-corp for 10 years the S-corp closed last year and I had an income of 25,000 and my S-corp had a loss of-47,509. Am I able to carry over that loss to this years taxes?

TurboTax Online

J

JeffreyR77

Yes. Your S-Corporation is a pass-through entity. Any profit or loss of the entity will pass-through from the Form 1120-S tax return to your personal tax return.

M

michaelpmoriartyAuthor

Hi thank you for your response. I can do this although my Corp closed last year and I did not need to file corporate taxes this year?

DawnC

Employee

If your S-corp did not file a tax return in 2020, there is no loss to report on your personal tax return this year. Was the S-corp loss in 2019 reported on your 2019 personal tax return? You should have had a K-1 from the S-corp that year. If your S-corp closed in 2020, it still needs to file a final tax return in 2020.

Steps to Take to Close Your Business

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

A

AmeliesUncle

If 2019 was the final year of the corporation, it looks like your personal return had negative income, which means you have had a Net Operating Loss in 2019 on your personal tax return.

TurboTax does NOT calculate Net Operating Losses, so you may want to go to a tax professional.