1120S U.S. Income Tax Return for an S Corporation
S Corporations or nominated S Corporations by filing or enclosing form 2553 are authorized to file their income tax returns with 1120S U.S. Income Tax Return for an S Corporation. This five-page form requires various financial particulars in Schedule B, K, L, M1, and M2. You may choose to terminate the nomination for being an S corporation using the provision in this form. Please provide accurate and truthful particulars of income, deductions, and tax as and when requested by the form.

Steps to Prepare 1120S U.S. Income Tax Return for an S Corporation

Form 1120S
Enter the tax year, effective date of S selection, business activity code, mark box if Schedule M3 is enclosed, enter the employer identification number, and date incorporated and total assets. Continue by typing or printing the name and address. …show more content…
Enter only business or trade income and expenses on lines 1 to 21. Insert values and details like gross sales, returns and allowances, cost of goods sold, net gain (loss), other income, and total income. Calculate requested details as directed.
Enter compensation of officers, salaries and wages, repairs and maintenance, bad debts, rents, taxes and licenses, interest, depreciation, depletion, advertising, pension, profit-sharing, employee benefit programs, other deductions, and calculate total deductions on lines 7 to 20. Specify ordinary business income (loss) on line 20.
Complete lines 22a through 24 to arrive at amount owned on line 25 and then enter overpayment if any on line 26. Make calculations on line