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Final Return for an S Corp-How do I file a final return if I dissolve June 30, 2023

I am dissolving my S Corp on June 30, 2023, how do I file a final return?  There is no Turbo Tax year end 2023 so How do I file my final return?  Thank you for your help in advance. 

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Accepted Solutions

Final Return for an S Corp-How do I file a final return if I dissolve June 30, 2023

See https://www.irs.gov/instructions/i1120s#en_US_2021_publink11515kd0e2047

 

The 2022 Form 1120-S can also be used if:

  • The corporation has a tax year of less than 12 months that begins and ends in 2023, and

  • The 2023 Form 1120-S isn't available at the time the corporation is required to file its return.

The corporation must show its 2023 tax year on the 2022 Form 1120-S and take into account any tax law changes that are effective for tax years beginning after December 31, 2022.

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Final Return for an S Corp-How do I file a final return if I dissolve June 30, 2023

Note that if you use TurboTax Business for the 2022 tax year, you will have to print out the return and manually change the dates (to 2023 for the beginning of the tax year) on your 1120-S and K-1(s).

View solution in original post

4 Replies

Final Return for an S Corp-How do I file a final return if I dissolve June 30, 2023

See https://www.irs.gov/instructions/i1120s#en_US_2021_publink11515kd0e2047

 

The 2022 Form 1120-S can also be used if:

  • The corporation has a tax year of less than 12 months that begins and ends in 2023, and

  • The 2023 Form 1120-S isn't available at the time the corporation is required to file its return.

The corporation must show its 2023 tax year on the 2022 Form 1120-S and take into account any tax law changes that are effective for tax years beginning after December 31, 2022.

Final Return for an S Corp-How do I file a final return if I dissolve June 30, 2023

Note that if you use TurboTax Business for the 2022 tax year, you will have to print out the return and manually change the dates (to 2023 for the beginning of the tax year) on your 1120-S and K-1(s).

Final Return for an S Corp-How do I file a final return if I dissolve June 30, 2023

If you used the TT Business  program to file the 2022 business return then you "can" use it to complete a final 2023 return  HOWEVER it will need to be paper filed.   AND in the program you will have to start a new return from scratch ... you cannot use the current tax file to carry any prior year information forward.     OR  you can "technically"  keep the business open until the end of the year and use the 2023 tax program to file the final 2023 return next January. 

Final Return for an S Corp-How do I file a final return if I dissolve June 30, 2023


@Critter-3 wrote:

........OR  you can "technically"  keep the business open until the end of the year and use the 2023 tax program to file the final 2023 return next January. 


Frankly, that sounds like the better course of action.

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