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Level 1
posted Jan 4, 2022 9:07:40 AM

Does a farmer in a S corp file 1120S and Schedule F

I am setting up a S corp for my Plant Nursery and want to know if I will still file a schedule F as I have done in the past or file 1120S (and/or Schedule F).

 

thanks  rob

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2 Replies
Level 15
Jan 4, 2022 9:33:36 AM


@Rob Jam wrote:

I am setting up a S corp for my Plant Nursery and want to know if I will still file a schedule F as I have done in the past or file 1120S (and/or Schedule F).


No, you will not file Schedule F with your Form 1120-S.

 

See https://support.cch.com/kb/solution.aspx/sw1413

 

Note, however, that TurboTax Business does generate a Schedule F but it appears as if that is only for the convenience of the user (the fact that it is in the official tax package, notwithstanding).

Level 15
Jan 4, 2022 9:37:07 AM

if it's the S-corp you file 1120-S. the k-1 is then reported on your return. schedule F only goes with form 1040 and since the income/loss will be flowing from the K-1 schedule F is not required. you may want to consult with a tax pro the first year with regard to the S-Corp.  things like the need to take a salary, etc.