The Scorp status is not for me. I made less than $500 and plan on dissolving the business eventually. I want to go back to being a LLC or atleast not have the Scorp status. How do I convert back? Do I have to do the 1120s in Turbotax Business? or may I continue using the self employed software?
You'll need to sign in or create an account to connect with an expert.
The election to be treated as an S corporation can be revoked.
See https://www.irs.gov/forms-pubs/revoking-a-subchapter-s-election
To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return.
The statement should state:
Thank you for response. What does "submit a statement of revocation to the service center where you file your annual return" mean? I normally file with Turbo tax....this statement does not go to the IRS? Please advise.
Also, I may have heard filing as a C corp will have it automatically convert back but I dont know how much of that is true. Thoughts? or is the revocation statement along with form 8832 the best route to take?
You only have to submit the statement to the service center where you would send your return if you were filing by mail.
See https://www.irs.gov/instructions/i2553#idm139855003343344
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Airhawk182398
Returning Member
x46359
Level 2
shawntthomas72
New Member
jadanuri
Level 1
Venkatbollu
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.