I am the sole owner of a LLC S-corp. To pay my taxes I w-2'ed myself but forgot to check that I was a shareholder. Do I need to fill out an 1120? How do I correct this?

mandynnate · ‎June 3, 2019

JulieCo · ‎June 3, 2019

Yes, LLC's electing to be taxed as S Corporations are required to file their own tax return, Form 1120S. To create an S Corp tax return, you would need to use TurboTax Business. Along with the 1120S form, a K-1 form will be generated for you to record on your personal income tax return (along with your W-2 form). 1120S forms for 2018 are due to be filed by March 15, 2019.

Here is a link to the product: TurboTax Business

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SweetieJean · ‎June 3, 2019

You do an 1120S, not an 1120 (which is for C Corps).

JulieCo · ‎June 3, 2019

Yes, LLC's electing to be taxed as S Corporations are required to file their own tax return, Form 1120S. To create an S Corp tax return, you would need to use TurboTax Business. Along with the 1120S form, a K-1 form will be generated for you to record on your personal income tax return (along with your W-2 form). 1120S forms for 2018 are due to be filed by March 15, 2019.

Here is a link to the product: TurboTax Business

I am the sole owner of a LLC S-corp. To pay my taxes I w-2'ed myself but forgot to check that I was a shareholder. Do I need to fill out an 1120? How do I correct this?