I am treasurer of a c corp business started in February 2020. I took over in January 2021 and taxes had not been filed. since we are an education-based "business", it made sense for our fiscal year to be over at the end of May. so I filed taxes in February for the short 2020 year, February through May, with 'penalty'- no problem. But now it's time to file for June 2020-May 2021. When I go into TurboTax it asks for the last year's tax file, but it wants a 2019 and mine is a 2020. I tried to start without the file, but then it thinks I didn't file for February-May 2020. Surely there is some way to do this, but I'm not finding answers yet. Thank you!!
probably the proper form to use for the 1st year was actually the 2019 1120.
you can not e-file a second 2020 return.
you'll have to be a little creative. indicate to TT that this is an initial return.. that should solve most issues.
then you have to manually enter any 5/2020 items such as NOL carryforwards page 6 whatever and mail in the form.
Ok ... you can use the 2020 program to complete the 20/21 fiscal year HOWEVER you must open a NEW return and start from scratch then enter in any prior return information that needs to carry forward. You will not be able to efile it ... this return must be mailed in.