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posted Mar 14, 2024 3:11:12 AM

single member llc wanting to file as s corp for first time

Is it possible to file as an s corp using turbotax business if i'm a single member llc? 

 

I've seen there are forms to file with the IRS to declare s corp status, but i've also heard people state there's a way to file the needed forms when you file your taxes as an s corp for the first time.

 

Is there a way to do this in turbotax business with this situation? Or do i seperately need to file the forms with the irs and wait for some sort of official approval or official change in status as an s corp?

0 1 2021
1 Replies
Expert Alumni
Mar 14, 2024 12:02:33 PM

Yes, a single member LLC can become an S corp. Yes, you can file the papers with your return. You are still an LLC until approved. See Can I Convert My LLC to an S-Corp When Filing My Tax Return?