In 2019 I was an LLC. Now an S Corp. Why is turbo tax asking for amounts on 2019 1120s when I did not have one? And what do I put as an answer?

Forum|Forum|5 years ago
March 14, 2021
4 replies
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npierson777

Level 10

Please make sure you entered that your LLC made an election to be taxed as S Corporation in 2020, so the software will know it is your first 1120S return. If it still ask the question, you can put 0 there.

LadyallthewayAuthor

Level 2

Thanks. Where do I enter that?

Note this is the first year of doing the return in Turbo Tax

Thanks again

Critter-3

Level 15

If this is the first Corp return you ever filed then I highly suggest you seek local professional assistance to get educated on how to complete an S-Corp return. If you did not put it on extension the return is now LATE and the penalties are accruing. You also need to be using the TT BUSINESS program to complete the 1120S which is a separate program from the personal versions.