I intended to become an S-Corp and still plan to file the 2553 to file, but for now, i need to file an extension AS a Corp. But TurboTax is taking in the info from Intuit QBO and it said originally S-Corp. But it should say Corp now and then i'll change it later when i file the 2553. I need to file the extension as a Corp, it was rejected since it filed as an SCorp. How can i change what TurboTax has for the entity type?
You can't change a return from an S-Corp to a C-Corp. You will have to start a new return. When you start the return, be sure to indicate that you did NOT use QuickBooks. You will then be prompted to select what type of return you want to create. You will select C Corporation (Form 1120). See screenshot below. You can use the new return to file your extension, and then continue using the old S-Corp (1120-S) to prepare the company's tax returns.
Are you saying you will be filing the "late election" to be taxed as an S-corporation for 2024?
If so, first, verify that you qualify for the election.
Second, one of the requirements for the late election is that once you realize you forgot to file the election on time, you have "diligent actions to correct the mistake upon discovery". In other words, file the election NOW.
Third, one of the requirements for the late election is that you thought you were being taxed as an S-corporation and were acting like it. That means you file the extension as an S-corporation, not a C-corporation. If you file as a C-corporation, you would be indicating you were NOT acting as an S-corporation and would NOT qualify for the late election.
If you meant you'll be making the S-election for 2025 (or a future year) and will be filing as a C-corporation for 2024, just ignore my prior comments. 🙂