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Not applicable
posted Jan 20, 2020 3:31:09 PM

C-Corp Help

Hello,

 

I have a C-Corp that is pre-operational, meaning, we have $0 assets, $0 revenue, and incorporated to sign contracts and etc. We might have it unincorporated this year; instead of hiring a CPA (I did it for last year, it cost me $300), I was wondering if I can simply use TurboTax this year for this. If so, which software is best for me?

 

I just need to file the basics.

 

Thanks,

Victor

0 3 1885
3 Replies
Not applicable
Jan 20, 2020 3:36:44 PM

One important detail: our C-Corp was incorporated in Delaware and is certified in California. So I'd have to file for both DE and CA. Please let me know the best way to proceed. Thank you so much once again.

Expert Alumni
Jan 20, 2020 3:41:16 PM

To file for your C-Corp (even if it had no income or expenses), you have to file form 1120.

 

To do this, you'll need to use TurboTax Business which can be purchased at this site. You can purchase state returns separately within the software.

Level 15
Jan 20, 2020 3:58:12 PM

@Anonymous wrote:

So I'd have to file for both DE and CA. Please let me know the best way to proceed.

Just so it is clear, you need to purchase the C corporation return package for each state at a cost of around $50 per state (i.e., $100 total) plus the current price of $159 for TurboTax Business to cover the federal return (1120) if you buy it directly from Intuit. So, you are getting awfully close to the $300 you paid your CPA to prepare the returns for you.