Re: S-Corporation final tax returns partial year
tagteam
Level 15

Business & farm


@NathanW wrote:

Do I use the 2019 software to submit another return with the final tax return option selected and specify the dates of 1/1/2020 through the date the corporation was dissolved?


Yes. You can use the 2019 Form 1120-S provided:

  • The corporation has a tax year of less than 12 months that begins and ends in 2020, and

  • The 2020 Form 1120-S isn't available at the time the corporation is required to file its return.

The corporation must show its 2020 tax year on the 2019 Form 1120-S and take into account any tax law changes that are effective for tax years beginning after December 31, 2019.

 

See https://www.irs.gov/instructions/i1120s#idm139641014941872

 

Note that you can use the 2019 version of TurboTax Business but you will have to print and mail the return (1120-S) since you will need to make manual alterations to the dates on some of the printed forms (including your K-1(s)).

 

NB: Make sure you have saved your previously filed 2019 return(s) on different media and/or use caution to ensure that you do not overwrite your 2019 return with the return you are preparing for the 2020 tax year.

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