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tracy5
New Member

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year & "11" as ending month in the Bus Info Tab.

I have been unable to get the beginning year to change on the form 1120 using the Turbo Tax Business 2017 software. 

I have a company with a November 30 year end.  So, my 1120 should show “For Calendar year 2017 or tax year beginning _Dec 01, 2016, ending _Nov 30, 2017_". 

After I have gone to the information for your Tax Year from the Business Info Tab. Clicked About Your Business, then chosen Edit beside "Type of Tax Year." Checked Fiscal year, then Choose the ending month of "11" for my tax year.

However, the software will not set the beginning date to 2016 with an ending date in 2017, instead it sets the beginning date to 2017 with an ending date in 2018.

Help please.


8 Replies
Rick19744
Level 12

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year & "11" as ending month in the Bus Info Tab.

This is because you need to be filing on a 2016 tax return since your tax year begins in 2016.

Your return is due today, so you better get an extension filed today.

*A reminder that posts in a forum such as this do not constitute tax advice.*
tracy5
New Member

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year & "11" as ending month in the Bus Info Tab.

So just to be clear because my company has a year end of 11/30, I should have been using the Turbo Tax Software for the prior year.  I filed my accounting year (12/01/15 thru 11/30/16) with the Tax year of 2016 last year, however, your saying I should have been using the Tax year of 2015 filing by 3/15/17.  So this year accounting period of 12/1/16 thru 11/30/17 should be using the 2016 Tax Software by today's date?
Rick19744
Level 12

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year & "11" as ending month in the Bus Info Tab.

Correct.  
Take a look at the 2017 form 1120.  It says "tax year beginning ____2017..."  That is why TT will not take a 2016 date in that first field.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1120.pdf">https://www.irs.gov/pub/irs-pdf/f1120.pdf</a>

And here is the 2016 form 1120
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-prior/f1120--2016.pdf">https://www.irs.gov/pub/irs-prior/f1120--2016.pdf...>
*A reminder that posts in a forum such as this do not constitute tax advice.*
tracy5
New Member

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year &amp; "11" as ending month in the Bus Info Tab.

Thank you!
Rick19744
Level 12

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year &amp; "11" as ending month in the Bus Info Tab.

Welcome.
*A reminder that posts in a forum such as this do not constitute tax advice.*
Tax-prep
New Member

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year &amp; "11" as ending month in the Bus Info Tab.

If am filing the form of the last year, so the owners of the shareholders will get the K-1 of the last year!! and the owners has filed their personal taxes for last year, do they have to amend their tax return? or can they use K-1 last year to be included in this year?

what should we do in that case

thank you for your help!
Tax-prep
New Member

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year &amp; "11" as ending month in the Bus Info Tab.

If am filing the form of the last year, so the owners of the shareholders will get the K-1 of the last year!! and the owners has filed their personal taxes for last year, do they have to amend their tax return? or can they use K-1 last year to be included in this year?

what should we do in that case

thank you for your help!
Tax-prep
New Member

Company with a 11/30 year end. The 1120 should be tax year beg 12/01/16 ending 11/20/17. I checked Fiscal year &amp; "11" as ending month in the Bus Info Tab.

If am filing the form of the last year, so the owners of the shareholders will get the K-1 of the last year!! and the owners has filed their personal taxes for last year, do they have to amend their tax return? or can they use K-1 last year to be included in this year?

what should we do in that case

thank you for your help!
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