How do I file a final return for S-corp? If I didn't have any income in 2025 and didn't close the business yet do I still check "The business closed." ?

[sashaxerson13]

My S-corp had very little income in 2024 and no income in 2025. I want to close the company. How do I file a final return here?

[DaveF1006]

You would go directly to form 1120 S in your "Turbo Tax" return and check the box indicating this is the final return.

 

[BiffBoogins]

Similar situation for my S-corp. Very little income in 2024 and I have already filed my 1120S for 2024 and did not mark it as the final return. It is now May and I've had no income this calendar year and need to close the business. Do I file a new 1120S now for 2025 and mark it as the final return?

[M-MTax]

The following is when you need to file your final return:

When To File

Generally, an S corporation must file Form 1120-S by the 15th day of the 3rd month after the end of its tax year. For calendar year corporations, the due date is March 17, 2025 (March 15th falls on Saturday). A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved.

See https://www.irs.gov/instructions/i1120s#en_US_2024_publink11515kd0e416