How to Switch TTax Business from LLC to S-Corp When Filing My 2020 Tax Return?

[CRM4]

For tax year 2014-2019 I used TurboTax  Business to file my IRS Tax form as a 2 (99% and 1%)member LLC. In early January 2020 the 1% member passed away. In Jan. 2020 I filed Form 8832 and 2553 with IRS. For 2020 I was 100% owner. Now I have my TTax 2020 business software open, but I do NOT see an option to file  Form 1120-S, U.S. Income Tax Return for an S Corporation. My only options at the TTax start are LLC, LLP, Limited partnership, General Partnership.  How do I file S-Corp?

I read the below article but it does not answer my question

https://turbotax.intuit.com/tax-tips/small-business-taxes/can-i-convert-my-llc-to-an-s-corp-when-fil...

[Mike9241]

you need to file a final partnership return for 2020.  you need to start a new return for the S-Corp.

[CRM4]

so i file the final LLC return for 2020 AND a new s-corp Form 1120-S for 2020? Two tax returns for 2020? Or not file the S-Corp until the tax year 2021 return?

[CRM4]

@Mike9241 hi mike, please answer my question in response to your comment ASAP. thank you

[JeffreyR77 · Accepted solution]

You will need to file the final partnership return for the period up until your partner passed. 

At that point you no longer have a partnership. 

Your Form 8832 and 2553 will likely not be approved by the IRS as you do not have a partnership that is electing to be treated as an S-Corporation.   

You should apply for a new EIN for a new single member LLC and submit a Form 2553 for that entity retroactive election to January 2020. 

Your justification for the retroactive election is the former multimember LLC ceased to exist and had to be reorganized as a single member.

You then can prepare your initial S-Corporation return.  

Please clarify if you established payroll for yourself under the S-Corporation.  You are required to pay yourself reasonable compensation for services provided to the corporation.

[CRM4]

@JeffreyR77  thank you for the comprehensive answer