Federal & MA S corp short year final tax return on 2022 forms

[ponygirl007]

How can I efile federal & MA S corp short final year final tax returns for 1/1/23 - 5/31/23?  Those have to be filed on 2022 forms as 2023 forms are not yet available.  I paid for & downloaded 2022 federal & MA S corp only to find out at the end of all input that anything with a 2023 start date does not work.  Please advise - looking for a refund if no ability to efile for a 1/1/23 - 5/31/23 short, final year - due 8/31/23.  I printed out a screen shot of this message for reference.  Please let me hear from you.

[Rick19744 · Accepted solution]

A few comments:

• The short period return is due 8/15/2023; 2 1/2 months after the close of the business.
• As you indicated, the 2023 forms, software, etc. are not available at this time.  This is the case for anyone needing to file a short period tax return regardless of the size of the business.
• What happens in this case, is you complete the returns on the 2022 forms and print the return.  Once completed and printed out, you go through each page and cross-out 2022 and mark it 2023.
• You will then have to paper file the tax returns; no efile is available.  This is not a TT issue.  The IRS is not set up to accept 2023 efiled tax returns until late January 2024 at the earliest.
• The software can still be used and it is better than having to complete the returns by hand.  This, of course, depends on the activity during the short period.
• An option is to file an extension in August which will take you to February of 2024.  Software may be available at that point in time.
• Also keep in mind, if you have any liquidating distributions from the S corporation, those need to be reported on form 1099-DIV and not the 1120-S.
• Don't forget to circle with the Secretary of State for which the S corporation was formed.  There may be some administrative forms that need to be completed as well.

[Critter-3]

One more thing ... if you used the 2022 program to complete a 2022 return you MUST start a new file for the 2023 return and enter everything fresh ... you will NOT be able to transfer the 2022 info into the mock 2023 return.   I highly recommend you file the extension and wait for the 2023 program to be available in January  OR  wait until 12/31 to formally close the business even if you stop working it in May.  Keeping the business checking account open a while after the operation ceases is always wise as there always seems to be some item or income/expense that shows up late.  

[Mike9241]

an extension to be able to use the 2023 program may not be practical. the extended return would be due 2/15/2024. don't know if Turbotax would have all necessary updates ready by then.  then there's the cost of the program. 

it really depends on how complicated it would be to prepare the return using the 2022 program and mailing it use a tracking method. 

[ponygirl007]

I purposefully included MA in the need to efile.  MA does not accept corporate paper returns - have to be electronically submitted.  This is the first time I have had a corp. end so early in the year - owner wants this all done with.  FYI - I use "ABC" software & they do not allow a short year return if prior year return already filed.  Was looking for alternatives.    "XYZ" software would allow efiling a short year 2023 return on 2022 forms - just have to call them up so that they lock 2022 if it was already filed on their software.    Expected TT Business would handle this the same as 2022 was not efiled using TT Business (used "ABC").  "XYZ" info about the short year return was on their website. No info on TT website about handling it.    So I am still looking for a refund.  Thank to others for the information posted - extensions, paper-file federal, final other filings, state info, etc.  Again, I am still looking for a refund.

[Critter-3]

States require electronic filing WHEN POSSIBLE ... filing a 2023 return out of season will not be possible so you CAN mail it in.  

[Rick19744]

This forum, in general, and responders are not TT employees.

If you are looking for a refund, then you will need to call TT directly.

[ponygirl007]

Agree!  Perhaps a TT employee reads all of this rather than just some chatbox that I have only been able to contact.    

[Anonymous_]

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@ponygirl007 wrote:

Agree!  Perhaps a TT employee reads all of this rather than just some chatbox that I have only been able to contact.    

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A "TT employee" does not "read all of this". If you want a refund, you will have to contact Support at (800) 446-8848.

See What is the TurboTax phone number? (intuit.com)

[ponygirl007]

Agree!  Chatbox does not "read" & understand this.  Thank you for the phone #.  Ever try to find out the phone#??  Try clicking on the "what is the turbo tax phone number" link in this email that I got. & see what  you get.   I suggest real, live TT personnel read all community comments & get in front of "techie" things that users run into.  Agree and thank you again.