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MCremer
Returning Member

I have a full-time job, but also have S-Corporation on the side. How will the IRS know I am reporting for the S-Corp when I had no activity last year?

Although I did not have any business activity last year through my S-Corp, I just need to 100% make sure the IRS is aware of this when I file. I'm surprised I have not been prompted to share my business ID number, which is why I'm not sure how the state of Oklahoma and the IRS would be able to recognize that my S-Corp filed. I've done my taxes this year through the Turbo Tax Home & Business version, just need to submit them. Can you please help?

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IreneS
Intuit Alumni

I have a full-time job, but also have S-Corporation on the side. How will the IRS know I am reporting for the S-Corp when I had no activity last year?

UPDATED FOR TAX YEAR 2019

 

You should be filing an S-Corp return (1120S) for your business -- that's how the IRS and Oklahoma will know about your S-Corp.

 

For a business return (Partnership, S-Corporation, Corporation, Estate/Trust) you will need TurboTax Business--visit the following link to purchase  the program: TurboTax Business  

As part of preparing the 1120S return, TurboTax will prepare K-1 forms for each shareholder.  You will need to enter the information from the K-1 into your personal 1040 return.

 

The "Business" in TurboTax Home & Business version refers to Schedule C businesses (sole proprietorship).  The Schedule C is filed with the 1040 return.

 

[Edited | 4/8/2020 |  8:30am PDT]

 

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1 Reply
IreneS
Intuit Alumni

I have a full-time job, but also have S-Corporation on the side. How will the IRS know I am reporting for the S-Corp when I had no activity last year?

UPDATED FOR TAX YEAR 2019

 

You should be filing an S-Corp return (1120S) for your business -- that's how the IRS and Oklahoma will know about your S-Corp.

 

For a business return (Partnership, S-Corporation, Corporation, Estate/Trust) you will need TurboTax Business--visit the following link to purchase  the program: TurboTax Business  

As part of preparing the 1120S return, TurboTax will prepare K-1 forms for each shareholder.  You will need to enter the information from the K-1 into your personal 1040 return.

 

The "Business" in TurboTax Home & Business version refers to Schedule C businesses (sole proprietorship).  The Schedule C is filed with the 1040 return.

 

[Edited | 4/8/2020 |  8:30am PDT]

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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