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cindycguerra
New Member

Started an S-Corp in 2017 with no income, do I need to file 1120s and K-1s for 2017?

My husband and I began an S-Corp in 2017 with each of us being a 50% shareholder. We had minimal expenses and no income. Do we need to file an 1120s and give ourselves K-1s for 2017 or do we wait until we make income (possibly in 2018) to report the expenses on a 1120s?

Thanks in advance!

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WillK
Level 9

Started an S-Corp in 2017 with no income, do I need to file 1120s and K-1s for 2017?

The IRS will be looking for the S-corporation return to be filed for 2017. Even though you did not have any income, you do have expenses to report, which will carry over to your K-1's. 

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1 Reply
WillK
Level 9

Started an S-Corp in 2017 with no income, do I need to file 1120s and K-1s for 2017?

The IRS will be looking for the S-corporation return to be filed for 2017. Even though you did not have any income, you do have expenses to report, which will carry over to your K-1's. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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