Closing Corporation with Non-calendar Fiscal Year

[mturc08]

My corporation's fiscal year runs from April 1 to March 31, so I file 2020 taxes for April 1, 2020 to March 31, 2021.

The corporation will be closed down on at the end of June 2021. Can I use TurboTax2020 or do I need to wait for Turbotax2021?

Thanks

--mrt

[tagteam]

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@mturc08 wrote:

The corporation will be closed down on at the end of June 2021. Can I use TurboTax2020 or do I need to wait for Turbotax2021?

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If you dissolve your corporation at the end of June, you actually cannot wait for the 2021 edition of TurboTax Business since the return is due by the 15th day of the 3rd month after dissolution (September 15, 2021).

The 2021 edition of TurboTax Business will not be released until November of this year at the very earliest (and will not be fully functional until, most likely, sometime in January).

You can still use the 2020 edition of TurboTax Business but you will have to resort to Forms Mode, print the completed forms and schedules, and write in the appropriate dates. 

[mturc08]

Thanks