turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jane3
New Member

We plan to dissolve a 3 member s corp, but not complete as of 3/2018. Can I file a final return for 2017, as we have not conducted business since 12/2017?

 
1 Best answer

Accepted Solutions
JulieH1
New Member

We plan to dissolve a 3 member s corp, but not complete as of 3/2018. Can I file a final return for 2017, as we have not conducted business since 12/2017?

Yes.

In fact, many states require that you do a final return before they would even let you dissolve your company with the business and regulation department.  It can only be a final return IF you have everything done with the business and are prepared to not sell or liquidate anything in 2018. 

I am not sure the nature of your business or if you have any assets but your final return will include all the leftover depreciation, etc. that can be distributed to the other members by K-1.

View solution in original post

2 Replies
JulieH1
New Member

We plan to dissolve a 3 member s corp, but not complete as of 3/2018. Can I file a final return for 2017, as we have not conducted business since 12/2017?

Yes.

In fact, many states require that you do a final return before they would even let you dissolve your company with the business and regulation department.  It can only be a final return IF you have everything done with the business and are prepared to not sell or liquidate anything in 2018. 

I am not sure the nature of your business or if you have any assets but your final return will include all the leftover depreciation, etc. that can be distributed to the other members by K-1.

We plan to dissolve a 3 member s corp, but not complete as of 3/2018. Can I file a final return for 2017, as we have not conducted business since 12/2017?

I have a follow-up question, as a different user in the same situation. When you say "IF you have everything done with the business," does that include simple payments for expenses that are not COGs related? My business has had no income in 2018, nor any expenses related to goods sold. But we still have some overhead, such as checking account service charges, post office box rental, etc., in 2018, so we are still in business for a few more months wrapping things up, but with nothing coming in. Can we file our final return for 2017? Thanks.
Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies