I am the only owner of an S-Crop which has never started business and had zero income since it was registered in 2023. Under this situation, is there any K1 form needed to be generated and distributed to myself? Please advise. Thanks!
You'll need to sign in or create an account to connect with an expert.
If you created an S corporation, you must file a business tax return form 1120 S. The deadline for this return is March 15, not April 15, unless you get an extension. If there are no business activities (no income or expenses) then a K-1 will not be generated as part of the 1120, but you must still file the 1120.
The software is going to generate a K-1 along with the 1120-S regardless.
Also, there is a difference between an 1120 and an 1120-S; the former is filed on behalf of a C corporation which would never generate a K-1.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Billys7
Level 2
Billys7
Level 2
Eleonora2
Level 1
gnoga
Level 2
cry-crackly0j
Level 2