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Yes, you can and absolutely should attach a supplemental statement to a 1120-S, especially for ‌liquidations. However, in the "Business" or "S-Corp" versions of TurboTax, there is no ability to attach forms.  You will need to print and mail your return, with the attachments, along with a letter explaining that you wish to report the property liquidation gain as an exchange for your stock and not as ordinary income on your personal return, and here are the supporting documents to support my filing.   In the meantime, here are some suggestions for moving the gain from ordinary income into a sale of stock. To move the gain from Box 1 (Ordinary) to Box 17 code K (or properly onto Form 4797), try this:   For Section 179 Property: If TurboTax is putting this in Box 17, Code K, it’s actually doing what the IRS requires for S-Corps. The recapture of Section 179 is always passed through to the shareholder separately so they can calculate their own recapture at the individual level. For the "Exchange" Treatment: To ensure the gain is treated as an exchange for stock, the corporation should report the distribution of the property at FMV. The gain is calculated as Gain = FMV - Adjusted Basis. Rather than having TurboTax treat the asset as a sale to a third party, record it as a distribution. If your de minimis items are showing up on Line 4 of the 1120-S, the software sees them as "Other Income" (like a refund or miscellaneous fee).   Go back to the "Deductions" section. If these were previously expensed items being "recovered" during liquidation, they are often treated as ordinary income under the Tax Benefit Rule. However, if you want them on Schedule K, you may need to enter them as "Other Portfolio Income" or manually override the summary link if you are using the Forms Mode (only available in the Desktop version). One last thing to check, since you are using TurboTax Business Desktop, click the Forms icon in the top right.   Find Schedule K. Find the line where the income is incorrectly appearing. Right-click the amount and select "Data Source." This will tell you exactly which worksheet is pushing that number there, so you can go back and delete or move it.              

By "fixed my bank information for the IRS" do you mean you received a CP53a notice?   Did you follow the instructions in the notice and give banking information to the IRS?   Watch the IRS refund site for information.  TurboTax gets no information from the IRS after you file your tax return.     You need your filing status, your Social Security number and the exact amount  (line 35a of your 2025 Form 1040) of your federal refund to track your Federal refund:    https://www.irs.gov/refunds  

Itemizing your contributions on your California tax return may be beneficial, but only if your allowable itemized deductions were more than your standard deduction. The basic standard deductions in California are $5,706 for a single filer and $11,412 if filing married-joint in 2025.   You enter your contributions in the federal section of TurboTax, in the Deductions and Credits area. They will flow down to your California return. Itemized deductions also include mortgage interest, property taxes and medical expenses, with some limitations.    

Federal and state refunds come from completely separate entities,  There is no rule as to which one will come first or how much time there will be between their arrivals.  Some states process returns quickly and some are very slow.   STATE RETURN Make sure your state return was accepted:  https://turbotax.intuit.com/tax-tools/efile-status-lookup/   To track your state refund:       ttps://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0

Yes, you should report all taxable income.    If you did not receive Form 1099-MISC for this income, you may enter it as Other Reportable Income. If you are logged into TurboTax, use this link for Other Reportable Income.   Or you can follow these steps: Open your return. Go to Wages & Income. Scroll down to Less Common Income and click the down arrow. Click Start/Revisit beside Miscellaneous Income. Click Start/Revisit beside Other Reportable Income. Follow the prompts to enter the income you earned from this activity. The easiest way to find any section of TurboTax Online, is go to Tax Tools in the left column >> Tools >> Topic Search. Type in your topic, click the topic in the list and then GO to go directly to the start of that section.

The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO.  You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)   The deduction is not on the same line as your standard deduction.  It is shown separately on line 13b.     2025 STANDARD DEDUCTION AMOUNTS SINGLE $15,750  (65 or older/legally blind + $2000) MARRIED FILING SEPARATELY $15,750  (65 or older/legally blind +1600) MARRIED FILING JOINTLY $31,500  (65 or older/legally blind + $1600) HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)     For 2025 through 2028 there is an extra  deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.   (The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)   The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e.  Turbo Tax automatically includes it. IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf   Need to see it? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr   If you are not getting the senior deduction it is because Your date of birth in MY INFO shows that you were not 65 by the end of 2025 Your income is too high You are filing married filing separately

This is the U.S. TurboTax public user forum. For help with Canadian taxes, please post your question in the Canada TurboTax user forum., at the following link. https://turbotax.community.intuit.ca/community/turbotax-support/help/03/en-cahttps://turbotax.intuit.ca/tax-software/index.jsp

It is now March 26th and this issue remains a problem.  The desktop version of Turbotax worked fine a couple of weeks ago, now the but people are talking about it back it seems.  Anyone know when this might get resolved?  You cannot file electronically with this bug.   As an aside, I know Intuit is big, but they make reporting and resolving bugs impossible.  

When you use online TurboTax software you get one return per fee.   Each return needs its own email, account and user ID.   If you use the same account and user ID for a second return, the second one overwrites the first return and it is lost forever.     https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-online/00/25596 https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/

Are you the custodial parent?  Do you have an agreement with the other parent to allow the other parent to claim them--due to divorce or that you live apart and share custody?  Did one of you sign a Form 8332?   If there is a signed 8332 then the custodial parent retains the right to file as Head of Household, get earned income credit and the childcare credit.  The non-custodial parent gets the child tax credit for children under the age of 17.  If the child is 17 or older the non-custodial parent gets the $500 credit for other dependents.   If you and the other parent have a signed agreement, you need to indicate in MY INFO that you have such an agreement.   As far as the IRS is concerned, the custodial parent is the one with whom the child spent the most nights during the tax year--at least 183 nights.

@AmyC , I zeroed out the years where there was no carryover, and entered your work-around of $731 as the original credit and $126 as the used amount, leaving $605 as the intended carryover.     I went through all the rest of the screens to the review, and IT WORKED!  No more errors!   I cannot thank you enough for your comprehensive response so I know *why* it happened, as well as how to fix it!!  I truly appreciate you, thank you so much.