Solved: I already Files an income tax return 1120S for s Corporations. Is this the same thing as Federal or do I have tov file Federal Income Tax.
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I already Files an income tax return 1120S for s Corporations. Is this the same thing as Federal or do I have tov file Federal Income Tax.

 
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Level 12
Level 12

I already Files an income tax return 1120S for s Corporations. Is this the same thing as Federal or do I have tov file Federal Income Tax.

For a business entity like S-Corp,  there are two sets of filings. At the entity ( business ) level  you file (a) a federal return  1120-S  , (b) a State return and (c) send K-1s to each member of the S-Corp. In this sense S-Corp acts like a  pass through entity.   At the individual level  you again file  (a) Federal 1040 series  return  including the details from the K-1 from the S-Corp and (b) State  return ( if you live in a  State with  income tax. 

Does this answer your question.

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Level 15

I already Files an income tax return 1120S for s Corporations. Is this the same thing as Federal or do I have tov file Federal Income Tax.

You still need to do your personal 1040 individual return.  For federal and state.
New Member

I already Files an income tax return 1120S for s Corporations. Is this the same thing as Federal or do I have tov file Federal Income Tax.

rental property in other state but residing in CA

Level 12
Level 12

I already Files an income tax return 1120S for s Corporations. Is this the same thing as Federal or do I have tov file Federal Income Tax.

For a business entity like S-Corp,  there are two sets of filings. At the entity ( business ) level  you file (a) a federal return  1120-S  , (b) a State return and (c) send K-1s to each member of the S-Corp. In this sense S-Corp acts like a  pass through entity.   At the individual level  you again file  (a) Federal 1040 series  return  including the details from the K-1 from the S-Corp and (b) State  return ( if you live in a  State with  income tax. 

Does this answer your question.

View solution in original post

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