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Get your taxes done using TurboTax
@TaxCat1 wrote:
.......will require filing a final tax return.
Now I'm confused again because you indicated you had an LLC with an S corporation election.
If that's the case, then you have been filing (or should have been filing) an 1120-S with a K-1 being issued to you. With a C corporation you will be filing an 1120 (no K-1 is issued) and, essentially, will be double-taxed (once at the corporate level and again when you receive distributions in the form of dividends).
Thus, you would typically be filing a final 1120-S regardless.
‎August 18, 2023
10:55 AM