Can I re-establish an S-corp after shutting it down at the end of 2015? How do I deal with a 1099 sent to me made to the S-corp tax id if it's been closed?

[jgraffa1]

I retired from this company (as an independent contractor) on 12/31/2105 and shut down the S-corp, not realizing they were going to pay me the 5 annual payments using my S-corp. They will not change the 1099 to a new one using my social.  How should I handle this?  

[Fern · Accepted solution]

If you closed the S Corp and submitted a final tax return in 2015, you cannot re-open it.  

Report the income on your personal return using a Schedule C. Using either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop), report the income as general income (not 1099 Misc) since the 1099 misc is issued with the S-Corp tax ID.

[jgraffa1]

How does the IRS know that I'm reporting that income on my personal return when my social is not on the 1099?

[Fern]

The IRS will not know unless they ask.  If they ask, you will respond with the documentation that you reported it on a Schedule C since the S Corp is closed.

[lisac584]

Yes you must file a separate return for your S Corp. You can not prepare your S- Corp return with the home and business software.  You must purchase the Business software.