Tax Year Prior to 2020: How to prepare final tax return for S corp?

[VictorW9]

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....
4. TurboTax will check the applicable box on page 1 of Form 1120S
5. 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
6. 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.
7. If there are numbers left in the M-2 section such as retained earnings, it's okay. 

[cintheo]

Thank you for your response thus far!  I have last year's tax return that was full of many Forms. How do I know if I need to use last year's tax info for my 2020 S Corp Final Return this year? Both year's have had a 

loss under $30k. 

[ThomasM125]

You may need your 2019 tax return for beginning balance sheet amounts, depreciation numbers and carryover numbers. However, if you prepared your tax return using TurboTax in 2019, most of the information you need would be input automatically in your 2020 TurboTax program.