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cmam23
New Member

If I started an S-Corp this year that did not actually have any expenses or income, do I need to file a return for the business, and do I need a K1 to file personally?

 
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WillK
Level 9

If I started an S-Corp this year that did not actually have any expenses or income, do I need to file a return for the business, and do I need a K1 to file personally?

The IRS requires S-corporations to file a return using form 1120S each year regardless if the S-Corporation has any activity. The K-1 that is generated from the S-corporation will be reported on your personal return. 

Click here to get the 1120S software: https://turbotax.intuit.com/small-business-taxes/

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WillK
Level 9

If I started an S-Corp this year that did not actually have any expenses or income, do I need to file a return for the business, and do I need a K1 to file personally?

The IRS requires S-corporations to file a return using form 1120S each year regardless if the S-Corporation has any activity. The K-1 that is generated from the S-corporation will be reported on your personal return. 

Click here to get the 1120S software: https://turbotax.intuit.com/small-business-taxes/

**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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