How to file a final return for 1120S Corporation through Turbotax?

[no1texan]

I need to file a final federal tax return for my 1120s Corporation. What are the necessary steps to file this return through Turbotax?

[tomdavid]

I believe I need to file for my business, but don't see how.

[CathiM · Accepted solution]

It is fairly easy to file a final return for 1120S.  The box H 1 on page 1 must be marked.  See the instructions below to have TurboTax mark it. The "end of tax year" side of Sch L Balance Sheet should be blank. This should happen automatically when you tell TurboTax this is the final return. You will want to dispose of your assets. You may have a loss on them if they are not completely depreciated and you scrap them.

Under the Business Info tab at the top, choose the About Your Business section:

1. Click continue on first screen to confirm your info
2. Answer the Qualified Disaster screen and the Entities Owned screen
3. This will bring you to the Assumptions About Your Business screen where you check Yes to the first question Is filing its final return....
5. TurboTax will check the applicable box on page 1 of Form 1120S
6. If you have any assets you will want to dispose of them. You could have a loss if you dispose of them for $0 and they are not fully depreciated. Go to the Depreciation of Assets section under Deductions
7. TurboTax should automatically leave the Schedule L balance sheet "end of tax year" boxes blank. If it does not you should manually take off the Cash Balances, AR, Inventory, Liabilities and so on for the end of year only.
8. If there are numbers left in the M-2 section such as retained earnings, it's okay.