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kreollc
New Member

8453-CORP Line 3 Shows Income rather than Net Income

Should 8453-CORP show Net Income or Income. Mine is showing Income but the form says "Total Income (loss) (Form 1120-S, line 6" which suggests Net Income.

 

I have an Scorp. Had only one 1099-MISC for 2023. I have no 1120S form and I dont recall TurboTax Business asking me to complete one. Had more expenses than income, so expected 8453 to show the loss, but its showing Income, not Net Income. What happens if I file this and next year want to carry forward loss from 2023?

 

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1 Reply

8453-CORP Line 3 Shows Income rather than Net Income

Line 6 is total income on your 1120-S.

 

How is it possible for you to not have an 1120-S if you're using TurboTax Business to prepare a return for your S corporation?

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