LLC conversion

[jeffreykw]

We have an LLC that has always been taxed as a partnership (Form 1065).  For 2020 we made the election to be taxed as an S Corp.  To be clear, there was no reorg, sale, distribution of assets, change in ownership, etc.  We merely filed form 2553 and elected to be taxed as an S Corp, beginning calendar year 2020.  So for 2020, we will need to file form 1120S.  Can Turbotax open a prior-year 1065 and "convert" that to an 1120S for 2020?  Or will I have to re-key everything, including *ouch* all of the assets, prior depreciation, etc?

[Anonymous_ · Accepted solution]

Unfortunately, with TurboTax you have to start an 1120-S from scratch; there is no methodology in the program that would allow a "conversion" from a 1065 to an 1120-S.