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Level 1
posted Feb 8, 2021 9:57:18 AM

Do I need to file s-corp taxes on $3,200?

My s-corp only made $3,200 in 2020. Do I even need to file taxes? Thanks. 

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1 Best answer
Level 15
Feb 8, 2021 10:00:45 AM

Yes, you have to file an 1120-S as long as the election remains in effect.

 

See https://www.irs.gov/instructions/i1120s#idm140355079064496

2 Replies
Level 15
Feb 8, 2021 10:00:45 AM

Yes, you have to file an 1120-S as long as the election remains in effect.

 

See https://www.irs.gov/instructions/i1120s#idm140355079064496

Level 1
Feb 11, 2021 10:01:14 AM

Thanks for the info!