Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Mar 13, 2021 6:02:37 PM

In 2019 I was an LLC. Now an S Corp. Why is turbo tax asking for amounts on 2019 1120s when I did not have one? And what do I put as an answer?

0 4 480
4 Replies
Level 1
Mar 13, 2021 6:30:48 PM

Please make sure you entered that your LLC made an election to be taxed as S Corporation in 2020, so the software will know it is your first 1120S return. If it still ask the question, you can put 0 there. 

Level 2
Mar 16, 2021 5:23:49 PM

Thanks. Where do I enter that? 

Note this is the first year of doing the return in Turbo Tax

 

Thanks again

Level 15
Mar 16, 2021 5:33:59 PM

If this is the first Corp return you ever filed then I highly suggest you seek local professional assistance to get educated on how to complete an S-Corp return.  If you did not put it on extension the return is now LATE and the penalties are accruing.  You also need to be using the TT BUSINESS program to complete the 1120S which is a separate program from the personal versions. 

Level 2
Mar 17, 2021 9:03:45 AM

Thanks Critter!

 

Extension was filed. Using Business TT. 

 

While I have completed 1120S returns previously, this is the first time I have attempted one that was first an LLC - then rec’d approval to file as an S Corp.  so any advice is appreciated!

 

Wish me luck!