Form 1120-S: U.S. Income Tax Return for an S Corporation
Annual return for corporations and LLCs that elected S corporation status. It reports income and deductions that pass through to shareholders on Schedule K-1.
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Instructions for filling out Form 1120-S: U.S. Income Tax Return for an S Corporation
This template is used for official filing and documentation. Below are detailed instructions for completing, requirement details, and submission rules.
Who needs to fill out this document?
This form is designed for use by legal entities, individuals, or authorized representatives in the following cases:
- S corporations and LLCs taxed as S corps.
- Accountants preparing business returns.
- Shareholders reviewing company results.
What you will need before starting
Before filling out the interactive form, prepare the following details and documents:
Step-by-step filling process
- Report income and deductions: Page 1: ordinary business income or loss.
- Complete Schedules B and K: Entity questions and shareholders' pro rata items.
- Balance sheet and reconciliations: Schedules L, M-1 and M-2 as required.
- Issue K-1s and file: Due March 15 for calendar-year corporations; Form 7004 extends by 6 months.
Frequently Asked Questions (FAQ)
Do S corps pay income tax?
Generally no, but some state and built-in gains taxes can apply.
Do shareholder-employees need a salary?
Yes. The IRS expects reasonable compensation through payroll before distributions.
How is the S corp election made?
With Form 2553.
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