Form 1120-S is the U.S. Income Tax Return for an S Corporation - the federal return filed annually by every S corp to report income, losses, deductions, credits, and distributions to shareholders. Unlike a C corp, an S corp is a pass-through entity for federal income tax purposes: income and deductions flow through to shareholders, who report their share on their personal returns. The S corp itself generally pays no federal income tax.
Every corporation that has filed Form 2553 and is recognized as an S corporation by the IRS must file Form 1120-S annually for as long as the S election is in effect. This includes S corps with no activity for the year, S corps operating at a loss, and S corps in the process of dissolution. Single-member LLCs taxed as S corps file Form 1120-S, not Schedule C.
Have the corporation's financial statements, payroll records (including reasonable compensation for shareholder-employees), depreciation schedules, prior-year return, and a list of all shareholders with their ownership percentages and basis information. You'll prepare a Schedule K-1 for each shareholder showing their distributive share of income, deductions, and credits.
Form 1120-S is due on the 15th day of the third month after the S corp's tax year ends - March 15 for calendar-year filers. File electronically through IRS Modernized e-File (MeF) or mail to the service center listed in the Form 1120-S instructions. Each shareholder must receive their Schedule K-1 by the same date so they can complete their personal returns. A six-month extension is available by filing Form 7004.
Choose your legal form
Browse the library or search to find the exact template you need
Answer simple questions
The guided editor turns your answers into a finished legal form
Sign your document
E-sign, then download, print, or share your legal document instantly
1.Choose your legal form
Browse the library or search to find the exact template you need
2.Answer simple questions
The guided editor turns your answers into a finished legal form
3.Sign your document
E-sign, then download, print, or share your legal document instantly