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Returning Member
posted Jan 14, 2023 6:35:37 PM

IRS allows attaching 2553 to 1120S when filing - does turbotax submit both?

In the business version of TurboTax, if you tell the software you have not filed 2553, it populates the forms for you. Based on IRS rules, you can attach the 2553 with 1120S when filing to elect S-Corp however, in turbotax when I print a copy of all forms required for filing, 2553 is not in the list but when I do view->forms, I see 2553. so my question is does the software submit 2553 with the 1120S when filing?

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1 Best answer
Level 15
Jan 14, 2023 6:56:12 PM

I can see the form in the list of forms to be filed but note the following:

 

Do not file Form 1120-S for any tax year before the year the election takes effect. If the corporation (entity) is now required to file Form 1120, U.S. Corporation Income Tax Return, or any other applicable tax return, continue filing it until the election takes effect.

 

See https://www.irs.gov/instructions/i2553#idm139855003318528

1 Replies
Level 15
Jan 14, 2023 6:56:12 PM

I can see the form in the list of forms to be filed but note the following:

 

Do not file Form 1120-S for any tax year before the year the election takes effect. If the corporation (entity) is now required to file Form 1120, U.S. Corporation Income Tax Return, or any other applicable tax return, continue filing it until the election takes effect.

 

See https://www.irs.gov/instructions/i2553#idm139855003318528