Where on 1120S do I indicate FINAL RETURN?

Here’s how to indicate “Final return” on your Form 1120S for your S-Corp:

 

1. Open your return in TurboTax Business
2. Go to the Business Info tab at the top and select the About Your Business section and click continue.
3. Answer the Entities Owned screen and click continue.
4. On the About Your Business screen, check "Yes" to the question "Is filing its final return because it was closed by the end of the year" and click Continue.
5. Enter the beginning and ending dates of the corporation for this year.
6. TurboTax will automatically check the applicable box on page 1 of Form 1120S.

If you have any business assets remaining:

• Dispose of them. You might 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.

TurboTax should automatically leave the Schedule L balance sheet "end of tax year" boxes blank. If not, manually remove the Cash Balances, Accounts Receivable, Inventory, Liabilities, and other end-of-year figures.

It's okay if there are numbers left in the M-2 section, such as retained earnings.