https://ttlc.intuit.com/community/business-taxes/discussion/llc-conversion/01/1815119#M60422 <P>We have an LLC that has always been taxed as a partnership (Form 1065).&nbsp; For 2020 we made the election to be taxed as an S Corp.&nbsp; To be clear, there was no reorg, sale, distribution of assets, change in ownership, etc.&nbsp; We merely filed form 2553 and elected to be taxed as an S Corp, beginning calendar year 2020.&nbsp; So for 2020, we will need to file form 1120S.&nbsp; Can Turbotax open a prior-year 1065 and "convert" that to an 1120S for 2020?&nbsp; Or will I have to re-key everything, including *ouch* all of the assets, prior depreciation, etc?</P> Thu, 21 Jan 2021 20:16:05 GMT jeffreykw 2021-01-21T20:16:05Z https://ttlc.intuit.com/community/business-taxes/discussion/llc-conversion/01/1815119#M60422 <P>We have an LLC that has always been taxed as a partnership (Form 1065).&nbsp; For 2020 we made the election to be taxed as an S Corp.&nbsp; To be clear, there was no reorg, sale, distribution of assets, change in ownership, etc.&nbsp; We merely filed form 2553 and elected to be taxed as an S Corp, beginning calendar year 2020.&nbsp; So for 2020, we will need to file form 1120S.&nbsp; Can Turbotax open a prior-year 1065 and "convert" that to an 1120S for 2020?&nbsp; Or will I have to re-key everything, including *ouch* all of the assets, prior depreciation, etc?</P> Thu, 21 Jan 2021 20:16:05 GMT https://ttlc.intuit.com/community/business-taxes/discussion/llc-conversion/01/1815119#M60422 jeffreykw 2021-01-21T20:16:05Z https://ttlc.intuit.com/community/business-taxes/discussion/re-llc-conversion/01/1815169#M60425 <P>Unfortunately, with TurboTax you have to start an 1120-S from scratch; there is no methodology in the program that would allow a "conversion" from a 1065 to an 1120-S.</P> Thu, 21 Jan 2021 20:38:08 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-llc-conversion/01/1815169#M60425 Anonymous_ 2021-01-21T20:38:08Z