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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?
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February 19, 202311:47 AM
last updatedFebruary 19, 202311:47 AM
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S-Corp with no income
The S corporation is required to file a return (1120-S) regardless of whether there are any income or expenses.
Seehttps://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.
February 19, 202312:02 PM
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S-Corp with no income
The S corporation is required to file a return (1120-S) regardless of whether there are any income or expenses.
Seehttps://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.
February 19, 202312:02 PM
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S-Corp with no income
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.
February 19, 202312:24 PM
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S-Corp with no income
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.
February 19, 202312:27 PM
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