Product for S-Corp with NO Activity and Income

[LIE001]

Hello,

I registered a company (inc) in Virginia in Feb 2023, it was elected as S-Corp from day one and has NEVER started business and had NO activities and NO income throughout tax year 2023. 

1.What TurboTax product should I use to file the tax forms (1120S) for that company?

2.As I know that An S corporation's income and deductions “pass-through” to each shareholder to be reported on their personal income tax, but the company has ZERO income throughout tax year 2023, so what TurboTax product should I use to file my personal income tax return? Can I still use the Federal+State Return combo?

Any advice is appreciated! Thank you in advance!

[Anonymous_]

Even with no income, you still have to file an 1120-S for the corporation as long as the election remains in effect.

See https://www.irs.gov/instructions/i1120s#en_US_2021_publink11515kd0e292

You can use TurboTax Business to prepare and file the 1120-S but you will also need an individual income tax preparation product, such as TurboTax Premier.

[LIE001]

Thanks @Anonymous_ for your quick reply. 

Would TurboTax Deluxe be good enough? Does the Premium version provide any additional forms that are required for the S-Corp owner? 

[Anonymous_]

The desktop versions contain all of the forms so desktop Deluxe would work.

However, note that if you need to enter a K-1, and you want to use an online version of TurboTax, then you would need online Premium.

[Critter-3]

If the corp had no income or expenses to report there will be no K-1 form to pass to the shareholders.  Instead of paying for the TT Business program you can manually fill in an 1120-S form to mail in a zero return ...

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/f1120s.pdf

[LIE001]

Thanks @Critter-3 for your reply! It is good to know that NO K1 form is needed if the corporation has NO income and expense. 

[LIE001]

Thanks! @Anonymous_ It is good to know the desktop deluxe has all the forms. 

[LIE001]

Hello @Anonymous_ 

Can TurboTax Business product E-File the 1120S form to IRS?

[Anonymous_]

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@LIE001 wrote:

Hello @Anonymous_ 

Can TurboTax Business product E-File the 1120S form to IRS?

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Yes. The product supports e-file for business returns such as Form 1120-S.

[BJPC]

Do you have to pay to print tax returns?

[Anonymous_]

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@BJPC wrote:

Do you have to pay to print tax returns?

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No. You pay for the product and can print as many returns as you desire.