I am the only owner of an S-Crop which has never started business, never issued any share, and had zero income since it was registered in 2023. Under this situation, is any copy of Schedule K-1 must be attached with the Form 1120-S filing?
Yes. You have to attach a schedule K-1 in your name (as the only shareholder) to the tax return form 1120S of your S-corp even if all boxes are empty in your case as the S-Corp has no income or expenses.
As your Schedule K-1 is empty, you are not required to report it on your personal return.
@MinhT1 Thank you so much for your reply!
Follow-up question:
1. In my case, should I enter "0" in all the boxes for any type of income (gain, loss, etc.) or just leave them blank?
I have the same question for the boxes in form 1120-S, some of them reference the boxes on other forms (such as 4797, 1125, 7004, etc.) that are not applicable for my S-Corp. For these boxes, should I enter "0" or leave them as blank?
2. As my S-Corp never started business or issued any share, can I just enter "0" for the "Shareholder’s number of shares" box?
I appreciate any of your advice.
1. You do not need to fill in zeroes. Just leave the fields blank.
2. An S-corp must have at least one shareholder, i.e. the individual who created and filed the entity and also the person who elected the S-corp status by filing form 2353. In this case, the shareholder is you.
Thank you! Yes I agree that I am the only shareholder of my S-Corp, but since My S-Corp never issued any shares, so in this case, can I put "0" as the "number of shares"? Please advise.