Re: S-Corporation final tax returns partial year
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.




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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