Basically, your single member LLC closed one day before the S-Corp opened. Since you can't use any of the personal versions of TTX to file the 1120-S Corporate return, you'll be filing a "final" SCH C for the LLC, closing it one day before the S-Corp was formed. Then you have to use TurboTax Business (different from Home & Business, and Self-Employed) to complete and file the 1120-S corporate return. This can (and will) get tricky if you need to transfer assets and/or inventory from the LLC to the S-Corp. It's doable, but tricky if you don't understand what you're doing. For example, in TTX Business:
- Date business opened will be the "ORIGINAL" start date of the LLC, even it it was years ago.
- Date of incorporation will be one day after the LLC was closed. Incorporation date must also be a date that is after the original business was opened.
- Assets placed in service date will be the "original" in service date, even if it was years ago. That date "must" be after the business opening date - which is why you have to use the date the LLC opened. You can't place an asset in service before the business opening date.
That's just a few examples. Also be aware that the 1120-S corporate return is due on March 15th, and not Apr 15th like it is for personal taxes. One day late, and the late filing penalty is $205 per owner/member, for each month it's late.
If your state also taxes personal income, then this adds a layer of complexity to this process.
