An existing C Corp with a year end on12/31/2016 became an S Corp on 1/1/2017. Where do I go to in Turbo Tax to show the change.
You do not report this as a change on your business income tax return. Instead, you'll just file a s-corporation return this year, form 1120-S. When starting a return, you'll be asked about the type of form.
To make sure you've completed everything needed to qualify, be sure to check out the steps at the IRS for making this change: https://www.irs.gov/businesses/corporations/filing-requirements-for-filing-status-change-revised-11-...
I am having the same problem. If I select NEW return, I can select S corp.
If you use Turbotax every year and it pulls in your info from last year, I CAN'T FIND ANY PLACE TO CHANGE IT TO S CORP. It assumes you want to file a C corp again and there's no place to change it.
You can't transfer in your tax data from one tax entity into another one, you will have to manually enter in your carryover information.
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