Modify tax-return from S-Corp to C-Corp

[exxgroinc]

Hi team,

Yesterday I filed the tax return electronically for my company Exxgro Inc. as S-Corporation using form 1120S. I received the rejection with reason return header mismatch.

I checked with my lawyer who filed the tax return last year and he mentioned I should have filed the tax return as C-Corp using form 1120. 

Can you please advise how can I correct this and transformation from S-Corp to C-Corp?

Regards,

Shariq 

[phone number removed]

[ColeenD3]

Do you actually have a C Corp but just thought you had an S Corp? 

Did you convert a C Corp to an S Corp and then realize that you don't qualify?

To qualify for S corporation status, the corporation must meet the following requirements:

• Be a domestic corporation
• Have only allowable shareholders
  • May be individuals, certain trusts, and estates and
  • May not be partnerships, corporations or non-resident alien shareholders
• Have no more than 100 shareholders
• Have only one class of stock
• Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).

Please see this LINK for more information.

[exxgroinc]

Hi Coleen,

Actually I have a C-Corp. By mistake I filed S-Corp 1120S form for tax return.

I actually need to file form 1120.

Is there a way with turbotax that I don't have to pay again for the 1120?

Please advise. I would be grateful.

Sincerely,

Shariq

[VolvoGirl]

You have the Desktop Business program.  It does all the returns.  Just start a new return.  Go up to File-New and pick the right one.  If you have to do a state return you might have to buy the state program.

[exxgroinc]

Got it. Thank you!

Shariq