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kevinbhernandez
New Member

I just open an LLC and converted to SCorp may 2017. I had no income (didn't do anything). How do I submit this? Schedule C or 1120s?

 
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DianeW
Expert Alumni

I just open an LLC and converted to SCorp may 2017. I had no income (didn't do anything). How do I submit this? Schedule C or 1120s?

You should file the Form 1120S because this can no longer be reported directly on your tax return.  The IRS will be looking for the return, regardless of the inactivity. If there was no income or deductions you can simply enter zero.

S corporations must file a summary of information regarding income, deductions, credits, and other items that pass through to the corporation's shareholders. You provide this summary to the IRS through Schedule K,Shareholders' Pro Rata Share Items. You include Schedule K when you file Form 1120S, then the Schedule K-1 is used by the shareholder to report the information on their personal return.

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5 Replies
DianeW
Expert Alumni

I just open an LLC and converted to SCorp may 2017. I had no income (didn't do anything). How do I submit this? Schedule C or 1120s?

You should file the Form 1120S because this can no longer be reported directly on your tax return.  The IRS will be looking for the return, regardless of the inactivity. If there was no income or deductions you can simply enter zero.

S corporations must file a summary of information regarding income, deductions, credits, and other items that pass through to the corporation's shareholders. You provide this summary to the IRS through Schedule K,Shareholders' Pro Rata Share Items. You include Schedule K when you file Form 1120S, then the Schedule K-1 is used by the shareholder to report the information on their personal return.

kevinbhernandez
New Member

I just open an LLC and converted to SCorp may 2017. I had no income (didn't do anything). How do I submit this? Schedule C or 1120s?

Do i then need turbo tax self employed  + business (for 1120s) or the regular version will be enough with the business for the 1120s?  dont want to accidentally submit schedule C in the 1040 then submit aswell in the 1120s and then
DianeW
Expert Alumni

I just open an LLC and converted to SCorp may 2017. I had no income (didn't do anything). How do I submit this? Schedule C or 1120s?

@kevinbhernandez  TurboTax Business would be the software for the 1120S, and I highly recommend using it.  However, if you have no activity (income or expense) you can print the forms and mail them for last year. You can use the links here:  <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1120s.pdf">https://www.irs.gov/pub/irs-pdf/f1120s.pdf</a> and <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i1120s.pdf">https://www.irs.gov/pub/irs-pdf/i1120s.pdf</a>
You can use the TurboTax Self Employed version, but do not complete Schedule C or self employment for this 1120S activity. If you choose and you haven't registered, you can clear & start over to use a lower version.
kevinbhernandez
New Member

I just open an LLC and converted to SCorp may 2017. I had no income (didn't do anything). How do I submit this? Schedule C or 1120s?

Thanks DianeW   have a great day!
DianeW
Expert Alumni

I just open an LLC and converted to SCorp may 2017. I had no income (didn't do anything). How do I submit this? Schedule C or 1120s?

@kevinbhernandez  You're welcome!
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