S-Corp with no income

Forum|Forum|3 years ago
February 19, 2023
1 reply
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I started an S-Corp in Dec 22 and had no income/expenses for that month. I have 2 other businesses that my CPA will file for but was hoping since I don't have anything to report I could do it myself. Can I or should I use TurboTax to file that S-Corp?

Best answer by Anonymous_

The S corporation is required to file a return (1120-S) regardless of whether there are any income or expenses.

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

You can use TurboTax Business to file an 1120-S, but it may be overkill for a return with zero income, expenses, and no depreciable assets.

See https://turbotax.intuit.com/small-business-taxes

Anonymous_Answer

Level 15

The S corporation is required to file a return (1120-S) regardless of whether there are any income or expenses.

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

You can use TurboTax Business to file an 1120-S, but it may be overkill for a return with zero income, expenses, and no depreciable assets.

See https://turbotax.intuit.com/small-business-taxes

j2investsAuthor

Level 2

That is my point. I know I need to file, just not sure the most cost effective way to do it. I really wish I wouldn't have agreed to start the business until 2023. But, what's done is done. I guess I'll just pay the $180 and call it a learning lesson.

Anonymous_

Level 15

Yes, but at least you will get a head start on the 2023 return since you will be able to transfer in all of the information you entered from your 2022 1120-S.